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Friday, September 25, 2026

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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, 6:29 a.m. ET

Confirmed2 primary sources

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 . One would require those issuers to fully back coins with permitted reserve assets such as short-term Treasury bills and other high-quality liquid assets. The other would set a tailored application process for Board-supervised banks that want to issue payment stablecoins. Comments close 60 days after Federal Register publication.
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 , the , .
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.
How we know

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.

  1. 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

  2. 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

    — , (S. 1582), enacted July 18, 2025.

    https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.htm