FDIC proposal would require weekly stablecoin filings with top 100 wallet and reserve disclosures

The U.S. Federal Deposit Insurance Corporation has proposed a new reporting form, PS-01, that would require regulated payment stablecoin issuers to submit weekly disclosures covering issuance, redemptions, market activity, and reserve composition. Under the plan, each registered permitted payment stablecoin issuer would have to file a separate report for every stablecoin it issues, with submissions due by 5 p.m. every Wednesday through FDICconnect and data reported on a daily basis. The proposal stands out for how detailed it is. Issuers would need to list the top 100 wallet addresses by holdings and the top 100 by trading volume, including daily gross buys and sells, as well as the top 100 exchanges by trading activity across both centralized and decentralized venues. The form also asks for daily pricing metrics tied to the $1 peg, average redemption time in hours, the total amount of redemptions not initiated within 48 hours, and reserve breakdowns that extend to individual U.S. Treasury securities identified by CUSIP. The form remains at the proposal stage, and some definitions are still being developed.