Regulatory Alerts2026-04-07 | FIL-11-2026Notice of Proposed Rulemaking to Establish GENIUS Act Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers and Insured Depository Institutions
The FDIC Board of Directors issued a proposed rule implementing the GENIUS Act to establish tailored requirements and standards for FDIC-supervised permitted payment stablecoin issuers (PPSIs) and insured depository institutions (IDIs). The regulation mandates identifiable reserve assets, capital and risk management frameworks scaled to institutional size, and a general two-business-day redemption period for payment stablecoins. Additionally, the proposal clarifies that reserve-backed deposits are not insured on a pass-through basis and confirms that deposit insurance coverage for tokenized liabilities remains technology-neutral.
Laws and Regulations
April 7, 2026
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Summary: On April 7, 2026, the FDIC Board of Directors approved a notice of proposed rulemaking that would implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act by establishing requirements and standards applicable to FDIC-supervised permitted payment stablecoin issuers (PPSIs) and insured depository institutions (IDIs) that engage in payment stablecoin-related activities. In addition, the proposed rule would provide clarity to all IDIs with respect to FDIC deposit insurance coverage for deposits held at IDIs that serve as reserves of a PPSI’s payment stablecoin. The proposal also addresses tokenized deposits. Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions. The contents of, and material referenced in, this FIL apply to all FDIC-insured financial institutions. Highlights: The proposed rule would set out authorized and prohibited PPSI activities. The proposed rule would require a PPSI to maintain identifiable reserve assets and would establish capital and risk management requirements and standards that are tailored to the size, complexity, and risk profile of a PPSI. The proposed rule would generally require PPSIs to redeem a payment stablecoin within two business days. The proposed rule would implement payment stablecoin-related custodial and safekeeping requirements for FDIC-supervised PPSIs and IDIs. The proposed rule would provide that deposits held as reserves backing a payment stablecoin would not be insured to payment stablecoin holders on a pass-through basis. The proposed rule would address tokenized deposits and provide that the application of deposit insurance to deposits does not depend upon the technology or recordkeeping used to record an IDI’s deposit liabilities. Comments on the proposed rule will be accepted for 60 days after publication in the Federal Register .
FIL-11-2026
Attachment(s)
Federal Register Notice
Approval Requirements for Issuance of Payment Stablecoins by Subsidiaries of FDIC-Supervised Insured Depository Institutions
Extension of Comment Period
Related Topics
Deposit Insurance
Digital Assets
Fintech
Information Technology
Third-Party Relationships
Contact(s)
Division of Depositor and Consumer Protection
Division of Risk Management Supervision
Legal Division
CISR Policy