The Federal Reserve on September 24, 2026 requested public comment on two proposals for payment stablecoin issuers under its supervision. The measures address the regulatory framework and an application process under the GENIUS Act, according to the Board’s announcement.
These are proposals, not final rules. Their scope is Board-supervised institutions, not every stablecoin issuer worldwide.
Reserves, capital and risk controls
The first proposal would require the covered issuers to back their stablecoins fully with permitted reserve assets, including short-term Treasury bills and other qualifying liquid assets. It would also establish capital requirements addressing specified credit and operational risks, alongside risk-management standards.
The Fed says that proposal also contains rules for supervised firms safeguarding stablecoin reserve assets and would clarify the permissibility of stablecoin-related activities for banks in its supervisory perimeter.
The second proposal concerns how supervised banks apply to issue payment stablecoins. The announcement identifies business plans and financial information among the application materials and describes procedures for appeals, hearings and final decisions.
What happens next
The comment period closes 60 days after publication in the Federal Register. The press-release date alone is therefore not enough to calculate an exact closing date without checking that publication.
For readers following stablecoin oversight, the immediate development is the opening of a consultation on specific implementation measures. It should not be confused with a final authorization for an individual issuer.
Our guide to who regulates a stablecoin explains why the entity, activity and rulemaking stage all matter when reading these announcements.
Questions
Are these final rules?
No. The Fed has requested public comment on proposals.
Do they cover every stablecoin issuer?
The announcement concerns issuers and institutions within the Board’s specified supervisory scope.
When does consultation close?
The stated deadline is 60 days after Federal Register publication, not simply 60 days after the press release.
Source
Federal Reserve Board announcement, September 24, 2026, which links to the proposed notices and Board memoranda. This report describes the announcement as checked on September 26; it is not legal advice.
