The U.S. Securities and Exchange Commission has taken a formal position on stablecoins, the popular cryptocurrency that tends to be pegged to the U.S. dollar and backed by real-world assets.
On Friday, the agency said in a statement that it does not consider "covered" U.S. dollar stablecoins to be securities and that those involved in the process of “minting” and redeeming stablecoins are not required to register the transactions with the commission.
The SEC issuing their position comes as stablecoin use and adoption appear poised to grow. Additionally, U.S. lawmakers are making headway in clarifying stablecoin regulation with new legislation.
"The offer and sale of covered stablecoins ... do not involve the offer and sale of securities," the SEC said on Friday. According to the regulator, covered stablecoins maintain a stable value and are those backed by reserves and easily redeemable, much like the USD-pegged tokens offered by Tether and Circle, the world's two largest stablecoin issuers by supply.
Tether's USDT and Circle's USDC have a combined supply of over $200 billion, according to The Block Data Dashboard.
The SEC also stated that those wishing to create and or redeem covered stablecoins will be able to do so without having to notify the SEC. "Persons involved in the process of 'minting' and redeeming covered Stablecoins do not need to register those transactions with the commission," it said.
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