The Federal Reserve, in collaboration with multiple agencies, has proposed requiring stablecoin issuers to establish customer identification programs.

According to the Federal Reserve’s official website, on June 18, the Federal Reserve issued a proposal that would require certain payment stablecoin issuers to establish effective Customer Identification Programs (CIPs), with requirements largely aligned with existing Know Your Customer (KYC) standards applicable to banks and credit unions. The proposal was jointly issued by the Federal Reserve and four other agencies. The public may submit comments within 60 days after the proposal is published in the Federal Register.