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ABA: The American Bankers Association
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ABA Statement on President's Working Group Report on Stablecoins

“The stablecoin market is rapidly evolving and presents significant regulatory, supervisory and oversight questions. ABA believes innovation in financial services provides the greatest benefits and consumer protections when it is conducted in a fully regulated environment. We are encouraged by the report from the PWG today and its focus on addressing key risks and regulatory gaps related to stablecoins. While we recognize that it is only the first step toward addressing this increasingly important market, we applaud the PWG’s efforts to address the risks posed by stablecoins and bring them within a federal prudential regulatory framework. Stablecoins—along with the broader digital asset market—are an important issue for ABA and our members as banks actively evaluate ways to safely and responsibly allow their customers to engage with digital assets through their banking relationships. Stablecoins have implications for consumers, the financial system and the broader economy, and careful consideration is required to determine how best to regulate this market. We look forward to continuing to engage with policymakers to ensure a robust discussion on this important issue.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.3 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.2 trillion in deposits and extend nearly $11 trillion in loans.

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