The U.S. National Credit Union Administration (NCUA) has put forward a proposal to establish a licensing framework for its member credit unions to issue stablecoins. According to NS3.AI, this framework necessitates that credit unions secure a specific license and stipulates that stablecoin issuance must be conducted through non-credit union subsidiaries. The proposal also ensures that there is no discrimination against public blockchain platforms. Currently, the proposal is open for public comments before it is finalized.