U.S stable coin GENIUS bill, according to the May 15th 2025 proposal, does not address the risk of stablecoin de-pegging merely by directing regulators to study insolvency implications within three years, without providing FDIC-like customer protections

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A further concern about stablecoins, voiced by some Democrats, has been the possibility that such tokens might “de-peg” from their dollar valuations and collapse, spreading havoc through the American financial system. Exacerbating risk in such a scenario is the fact that stablecoins are not backed by the FDIC, so the U.S. government would make no guarantee to repay customers in the event of a bank run. The new GENIUS Act now contains language on insolvency, but makes no firm commitments on the subject. Instead, the new bill mandates stablecoin regulators to conduct a study, due to Congress within three years of the GENIUS Act becoming law, examining what would happen if a stablecoin went insolvent, whether customers could be paid out, and whether changes would need to be made to bankruptcy laws and insolvency administration regimes to accommodate such a situation. There is no obligation placed on Congress to do anything with the study.