Another question is whether anti-money laundering (AML) laws, such as know-your-customer (KYC) requirements, would apply to bank-issued stablecoins. Some might argue that holding a stablecoin is like having a bank deposit, but a more accurate comparison is to personal or cashier’s checks, which require only the check writer to have an account at the issuing bank. Signed checks can be passed on to other users who eventually redeem them. AML and KYC laws do not apply to intermediate holders of the check, only the check writer and possibly the redeemer. This standard should apply to stablecoins as well.