The American Bankers Association (ABA) issued an open letter stating that in order to ensure effective consumer protection and financial stability, the stablecoin ecosystem, like the banking ecosystem, must be subject to strong regulation.
The association added that they want the same level of federal regulation of state-licensed stablecoin issuers as is currently done for state-chartered banks.
In a separate letter organized by the ABA, 49 state bank associations, the Consumer Bankers Association, and bankers from the U.S. territory of Puerto Rico raised similar concerns, calling for stablecoin issuers to be subject to the same federal oversight as banks and credit unions.