Policy Scoop with Aislinn Keely: Key takeaways from the stablecoin hearings in Washington

<p>The United States Congress turned its attention to stablecoins this month, with senior Treasury official Nellie Liang fielding a range of questions during twin hearings in the House of Representatives and the Senate.</p><p>The hearings centered on a recent report on stablecoins penned by members of the President's Working Group, which Liang oversaw. That report urged Congress to create "rules of the road" for stablecoin issuers, mainly by restricting stablecoin issuance to insured depository institutions (IDIs). </p><p>The Treasury has already designated stablecoins a "systemic risk" for the Financial Stability Oversight Council, meaning that if Congress f...