USBC Backs FDIC Rule Sections 330.1(e) and 330.3(k) to Formalize Tokenized Deposits
USBC•USBC submitted a comment letter to the FDIC endorsing the GENIUS Act’s proposed Sections 330.1(e) and 330.3(k) to formalize tokenized U.S. bank deposits under federal rules. The company said clearer, technology-neutral standards could boost tokenized deposit activity and related revenue generation for insured depository institutions.
1. USBC Endorses FDIC GENIUS Act Proposal
On June 17, USBC submitted a comment letter to the FDIC expressing support for its proposed rule to implement Sections 330.1(e) and 330.3(k) of the GENIUS Act, which aims to formalize tokenized U.S. bank deposits under federal banking regulations.
2. Key Regulatory Provisions
The proposed technology-neutral amendment to 12 C.F.R. § 330.1(e) and addition of § 330.3(k) would confirm that third-party-operated blockchain ledgers qualify as deposit account records without parallel traditional recordkeeping, ensuring that smart contract integration does not alter deposit characterization.
3. Growth Outlook and Strategic Positioning
USBC expects that regulatory clarity will encourage insured depository institutions to adopt tokenized deposit products, potentially boosting transaction volumes and revenue, while reinforcing the company’s competitive position in digital assets and banking solutions.
