Licensing and Regulatory Oversight:
Permitted Payment Stablecoin Issuers (PPSIs): Only specific entities can issue stablecoins, including:
Subsidiaries of insured depository institutions (e.g., banks) approved by their primary federal regulator, such as the Federal Reserve.
Federal qualified nonbank payment stablecoin issuers, regulated by the Office of the Comptroller of the Currency (OCC).
State-qualified payment stablecoin issuers, approved by state regulators, for issuers with a market cap below $10 billion. Issuers exceeding $10 billion face federal oversight from the Federal Reserve and OCC.