Jelena McWilliams, the chairperson of the Federal Deposit Insurance Corporation, or FDIC, has said the bureau is working with other regulators in the United States to explore "under what circumstances banks tin can engage in activities involving crypto assets."

In a oral communication at the Money20/20 Fintech Conference on Monday, McWilliams said the FDIC, in coordination with the Federal Reserve and the Office of the Comptroller of the Currency, is looking to provide regulatory clarity for banks handling crypto assets, including stablecoins. The chairperson said the FDIC planned to issue "a series of policy statements" in the coming months on guidance for banks.

According to McWilliams, stablecoins have many potential benefits to consumers, such every bit faster, cheaper and more efficient payments. Still, she claimed that if "i or more than were to become a ascendant grade of payment in the United States or globally," in that location could exist significant effects on that country's financial stability with funds no longer being held in insured banks.

"In social club to realize the potential benefits stablecoins have to offer, while accounting for potential risks, stablecoins should be subject area to well-tailored regime oversight," said the FDIC chairperson. "That oversight should residue on the foundation that stablecoins issued from exterior the banking sector are truly backed one:ane by condom, highly liquid assets."

Related: SEC chair compares stablecoins to casino poker chips

McWilliams' remarks came the aforementioned day Bloomberg reported that many U.Southward. regulators had agreed on the Securities and Exchange Commission leading the nation's efforts to regulate stablecoins. The Department of the Treasury said in July it was exploring the creation of a blazon of banking charter for stablecoin issuers.

The seeming lack of regulatory clarity concerning digital assets in the U.s.a. has been an issue for many firms fearing legal action or other forms of governmental backlash. Some lawmakers have put forward legislation for U.South. regulators to work with participants in the crypto space to better define what's expected of them.