US Treasury Plans Bank-Level Due Diligence for Stablecoin Issuers

Cointime reports: The US Treasury is pushing a plan to impose counterparty due diligence requirements on stablecoin issuers at the same level as those applied to US banks, tightening verification standards for the sector. The proposal’s core is to make issuers subject to the same counterparty due diligence obligations as American banks. Details including the implementation timetable and the scope of covered entities and activities have not been disclosed.