The Federal Reserve seeks public comment on a proposal regarding customer identification requirements for payment stablecoin issuers in collaboration with multiple institutions

According to the Federal Reserve's official website, the Federal Reserve Board is seeking public comments on a proposal that would require certain payment stablecoin issuers to establish and maintain effective Customer Identification Programs (CIP). This proposal was jointly issued by the Federal Reserve and four other agencies.

According to the proposal, the relevant stablecoin issuers must comply with Customer Identification Program standards similar to those for banks and credit unions. The comment period is 60 days after the proposal is published in the Federal Register.