The United States is serious this time.

The Federal Deposit Insurance Corporation (FDIC) Acting Chairman Travis Hill has just submitted testimony to Congress regarding the stablecoin regulatory draft, which will be released by the end of the month. This is not another instance of "we are studying it" bureaucratic rhetoric, but rather the most concrete step since the launch of the GENIUS Act (the U.S. Stablecoin National Innovation and Establishment Act).

What is this bill for? It's neither a ban nor a suppression.

Its core message is simple: to bring stablecoins officially under the regulatory framework of the U.S. financial system.

Sounds like nothing? In fact, its significance is much greater than you think.

**This time it's not behind closed doors**

The FDIC revealed its cards at the hearing. The content they are preparing to formulate includes:

• How much capital is required for banks to issue stablecoins?
• How to set liquidity standards
• What level of quality should the reserve assets reach?
• Who can apply for issuance, how is it reviewed

The key point is coming — all drafts will be publicly solicited for opinions. It is not about working behind closed doors, but rather presenting the proposal first, allowing the industry and the public to provide feedback, and then officially implementing it after adjustments based on the feedback.

This reveals two signals:

First, the regulation of stablecoins will take a transparent route, no longer ambiguous.
Second, it is not a single institution that makes the decisions, but rather a collaborative effort among multiple departments.

The GENIUS Act clearly states that at least two types of regulatory agencies will be involved: