Federal Reserve (FED) · U.S. Treasury · Federal Reserve
For release at 2:30 p.m
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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.
Key facts
- For media inquiries, please email [email protected] or call (202) 452-2955
- Federal Register notice: Application Procedures for Board-Supervised Insured Depository Institutions Seeking Approval for a Subsidiary to Issue Payment Stablecoins (PDF)
- Federal Register notice: Implementing the Federal Reserve Board’s Responsibilities under the GENIUS Act (PDF)
- The comment period will close 60 days after publication in the Federal Register
Summary
For release at 2:30 p.m. 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.