The U.S. Federal Reserve Board announced a public comment period on two proposals that would shape the regulatory framework for supervised payment stablecoin issuers under the GENIUS Act. The first proposal mandates that stablecoins be fully collateralised with reserve assets, including short‑term Treasury bills and other high‑quality, liquid instruments. It also calls for uniform capital‑requirement standards to address credit and operational risks and introduces risk‑management criteria for issuers.
The second proposal creates an application process for banks seeking to issue payment stablecoins. Applicants would need to submit detailed business plans and financial information, and the rule would establish procedures for appeals, hearings and final determinations.
Comments must be submitted within 60 days of the proposals’ publication in the Federal Register. The Fed’s release follows a July report that U.S. regulators missed a rule‑making deadline under the GENIUS Act, a year after the law’s enactment. While agencies have issued draft rules and gathered feedback, final regulations have not been completed.
The GENIUS Act, signed into law by President Donald Trump on July 18, 2025, provides the first comprehensive federal framework for stablecoins in the United States.
