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 Federal Reserve Board on September 24, 2026 opened a public comment period on two proposals intended to implement a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act. The Board said the proposals are designed to set requirements for backing, capital, risk management, and supervisory processes for firms that would issue or safekeep assets for payment stablecoins.

Under the first proposal, payment stablecoins issued by Board-supervised entities would need to be fully backed by specified permissible reserve assets, including short-term Treasury bills and other high-quality, liquid instruments. That proposal would also introduce standardized capital requirements aimed at addressing certain credit and operational risks tied to payment stablecoin activities, and it would set risk management standards in line with the statute.

The first proposal additionally includes rules for Board-supervised firms that safekeep the assets backing payment stablecoins and would clarify which stablecoin-related activities are permissible for Board-supervised banks. The Board described these measures as part of establishing consistent supervisory expectations for firms involved in payment stablecoin operations.

The second proposal would create a tailored application process for Board-supervised banks seeking approval to issue payment stablecoins. Applicants would be required to submit a business plan, financial information, and other documentation, and the proposal would establish a process for appeals, hearings, and final determinations related to those applications. The public comment period will remain open for 60 days after the proposals are published in the Federal Register.