Stablecoin users will not receive government guarantees for their funds after the new American law regulating such tokens comes into effect, said Federal Deposit Insurance Corporation (FDIC) Chairman Travis Hill. He also clarified that the ban will also affect so-called indirect insurance: in this case, financial companies receive government guarantees on behalf of clients. The current law on guidance and the creation of national innovations for US stablecoins, the GENIUS Act, which is being implemented by US market and banking regulators, includes a ban on FDIC deposit insurance for stablecoin assets — such tokens as USDC from Circle and USDT from Tether. They are created to maintain their value at the level of the US dollar. This is intended to clearly separate them from bank deposits, which are guaranteed by the government up to (000.

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