US GAAP Reporting Framework
Under the proposal, PPSIs are required to prepare certain financial information that complies with U.S. GAAP.
For reserve accounting, reserve assets backing outstanding payment stablecoins would be valued at fair value, except for U.S. coins and currency, which would be valued at face value.
The FDIC said it expects reserve assets to be recorded on the PPSI’s balance sheet under U.S. GAAP and included in quarterly reports required under the proposal and in Call Reports for the parent insured depository institution.
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