Bank-Issued Stablecoin

Fiat-pegged stablecoins issued by a regulated bank or a bank's dedicated subsidiary, structured as a claim on a segregated reserve pool or as electronic money but not as a bank deposit. Tokens are pegged 1:1 to a fiat currency and fully backed by ring-fenced reserve assets (cash and high-quality liquid assets) held off the bank's lending balance sheet, typically bankruptcy-remote from the issuer,…