The chairman of the US Federal Deposit Insurance Corporation clarifies that stablecoin users do not enjoy deposit insurance.
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Travis Hill, Chairman of the Federal Deposit Insurance Corporation (FDIC), stated that under the provisions of the GENIUS Act, stablecoin users are not eligible for any form of deposit insurance, including "pass-through" deposit insurance offered by third-party companies. Hill pointed out that this position aligns with the intended implementation of the GENIUS Act, which is currently being enforced by the FDIC and other federal financial institutions.
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