Federal Reserve Board requests public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act
The Fed Board proposes reserve, capital and risk-management rules for the stablecoin issuers it supervises under the GENIUS Act, plus an application process for banks that want to issue them.
First published by the Board of Governors of the Federal Reserve System on 24 September 2026. Public domain; media-contact line omitted; links to the Board memos, Federal Register notices and Governor Barr's statement kept as a list; text otherwise unchanged. Not affiliated with or endorsed by the author or the Board of Governors of the Federal Reserve System. Original
The Federal Reserve Board on Thursday requested public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act.
The first proposal would require that Board-supervised payment stablecoin issuers fully back their stablecoins with certain permissible reserve assets, such as short-term Treasury bills and certain other high-quality, liquid assets. The proposal would also establish standardized capital requirements to address certain credit and operational risks of payment stablecoin activities, as well as risk management standards, in accordance with the law. Separately, the proposal would introduce rules for Board-supervised firms that safekeep the assets backing payment stablecoins. It would also clarify the permissibility of stablecoin and related activities for Board-supervised banks.
The second proposal would establish a tailored application process for Board-supervised banks applying to issue payment stablecoins. These applicants would be required to submit a business plan and financial information, among other documents. The proposal would also create a process governing appeals, hearings, and final determinations for applications.
The comment period will close 60 days after publication in the Federal Register.
- Board memo (PDF)
- Board memo (PDF)
- Federal Register notice: Application Procedures for Board-Supervised Insured Depository Institutions Seeking Approval for a Subsidiary to Issue Payment Stablecoins
- Federal Register notice: Implementing the Federal Reserve Board’s Responsibilities under the GENIUS Act
- Statement by Governor Barr
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