U.S. Regulators Propose Customer Identification Program Rule for Permitted Payment Stablecoin Issuers

U.S. regulators published a proposed Customer Identification Program rule for permitted payment stablecoin issuers. According to NS3.AI, the official notice text said roughly 99% of stablecoin transaction activity occurs in the secondary market. The proposal and accompanying notice highlight how stablecoin activity is concentrated outside primary issuance, as regulators move to set identification requirements for issuers permitted to operate in the payment stablecoin sector.