Stablecoins · Friday, September 25, 2026
Fed seeks comment on payment-stablecoin reserve and application rules under the GENIUS Act
The File desk · Sep 25, 2026, 10:29 AM UTC
Status
Confirmed (Fed Board press release, Sept. 24, 2026)
On Thursday, Sept. 24, 2026, the Federal Reserve Board asked for public comment on two proposals for Board-supervised payment stablecoin issuers under the Legal instrument Federal law that sets who may issue payment stablecoins and requires permitted issuers to keep reserves that match coins outstanding, using cash, short-term Treasuries, and similar high-quality assets. The Fed’s Sept. 24, 2026 proposals would implement parts of that framework for Board-supervised issuers.GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), Public Law 119-27
On Thursday, Sept. 24, 2026, the Federal Reserve Board asked the public to comment on two proposed rules for payment stablecoin issuers the Board supervises.
The rules would carry out parts of the Legal instrument Federal law that sets who may issue payment stablecoins and requires permitted issuers to keep reserves that match coins outstanding, using cash, short-term Treasuries, and similar high-quality assets. The Fed’s Sept. 24, 2026 proposals would implement parts of that framework for Board-supervised issuers. Legal instrument Federal law that sets who may issue payment stablecoins and requires permitted issuers to keep reserves that match coins outstanding, using cash, short-term Treasuries, and similar high-quality assets. The Fed’s Sept. 24, 2026 proposals would implement parts of that framework for Board-supervised issuers. Legal instrument Federal law that sets who may issue payment stablecoins and requires permitted issuers to keep reserves that match coins outstanding, using cash, short-term Treasuries, and similar high-quality assets. The Fed’s Sept. 24, 2026 proposals would implement parts of that framework for Board-supervised issuers.GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), Public Law 119-27
GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), Public Law 119-27
GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), Public Law 119-27
The first proposal would require those issuers to fully back their stablecoins with permitted reserve assets, such as short-term Treasury bills and other high-quality liquid assets.
The Board’s notice also covers capital and risk-management standards, custody of the reserves, and a clarification of when a supervised bank may issue the coins.
The second proposal would set a tailored application process for Board-supervised banks that want to issue payment stablecoins.
The comment period closes 60 days after the proposals are published in the Federal Register.
These are proposals. They are not a final rule.
What is still unknown or disputed
- Exact Federal Register publication date; final rule text after comment.
Primary sources
Every claim in this story is drawn from the documents below. If a fetch failed, that is recorded on the card.
Source 1
Federal Reserve Board requests public comment on two proposals for Board-supervised payment stablecoin issuers under the GENIUS Act
Board of Governors of the Federal Reserve System · September 24, 2026
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 second proposal would establish a tailored application process for Board-supervised banks applying to issue payment stablecoins… The comment period will close 60 days after publication in the Federal Register.
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20260924a.htm
Source 2
Public Law 119-27, Guiding and Establishing National Innovation for U.S. Stablecoins Act
U.S. Government Publishing Office / Congress.gov · July 18, 2025
—Legal instrument
GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), Public Law 119-27
Federal law that sets who may issue payment stablecoins and requires permitted issuers to keep reserves that match coins outstanding, using cash, short-term Treasuries, and similar high-quality assets. The Fed’s Sept. 24, 2026 proposals would implement parts of that framework for Board-supervised issuers.
,Legal instrument
GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), Public Law 119-27
Federal law that sets who may issue payment stablecoins and requires permitted issuers to keep reserves that match coins outstanding, using cash, short-term Treasuries, and similar high-quality assets. The Fed’s Sept. 24, 2026 proposals would implement parts of that framework for Board-supervised issuers.
(S. 1582), enacted July 18, 2025.Legal instrument
GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), Public Law 119-27
Federal law that sets who may issue payment stablecoins and requires permitted issuers to keep reserves that match coins outstanding, using cash, short-term Treasuries, and similar high-quality assets. The Fed’s Sept. 24, 2026 proposals would implement parts of that framework for Board-supervised issuers.
https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.htm