That’s why stablecoin issuers should be granted a specific non-bank license, as happens for e-money issuers in the E.U., U.K., and Brazil: a simpler license with requirements, including capital requirements, that are proportionate to their limited activity and lower risk profile. They don’t need a banking license, nor should they be required to get one.
![How the U.S. Should Regulate Stablecoins How the U.S. Should Regulate Stablecoins](https://www.coindesk.com/resizer/s7qIR8ytF8NWPX9KEY97aQ6cGRo=/1200x628/center/middle/cloudfront-us-east-1.images.arcpublishing.com/coindesk/HW73WVJBJRE2XCZ2GHUM62ON7M.jpg)