BREAKING: 🇺🇸 Federal Reserve mandates pre-approval for state banks engaging in issuance, custody, or transactions involving crypto stablecoins.

Responding to PayPal's USD stablecoin launch, Patrick McHenry, Chair of the U.S. House Committee on Financial Services, underscores stablecoins' potential as a vital pillar for modern payment systems, emphasizing the need for issuance under a transparent regulatory framework. #Stablecoins #RegulationMatters