ICBA and 44 state banking associations sent a letter to federal banking regulators expressing serious concerns about the rushed pace of payment stablecoin rulemaking. ICBA and the other groups urge the regulators to:

• Coordinate closely on the final payment stablecoin rules.

• Maintain a level playing field and ensure regulatory parity.

• Proactively address systemic risks, such as run risk or cross-contamination from crypto to the banking system.

• Address tokenized deposits through a coordinated interagency process.

• Ensure tokenized deposit policy is technology-neutral and accessible to community banks.