The Federal Reserve Board has opened a public comment period on two proposed rules that would establish a regulatory framework for stablecoin issuers it supervises, the latest step in a broad
The Federal Reserve Board has opened a public comment period on two proposed rules that would establish a regulatory framework for stablecoin issuers it supervises, the latest step in a broader push by U.S. financial regulators to implement the GENIUS Act.
The first proposal would require that Fed-supervised payment stablecoin issuers fully back their stablecoins with certain permissible reserve assets, such as short-term Treasury bills and other high-quality, liquid assets. Alongside reserve requirements, the proposal would introduce new capital adequacy and risk management standards for covered issuers.
A second proposal addresses how Fed-supervised banks would apply to issue stablecoins. Comments on both proposals close 60 days after publication in the Federal Register.
The move puts the @federalreserve in step with other U.S. regulators that have already advanced their own GENIUS Act rulemakings. The GENIUS Act directs several regulators, including the FDIC, Federal Reserve Board, NCUA, OCC, and Treasury Department, to issue implementing regulations. Passed in July 2025, the GENIUS Act created the first comprehensive federal framework for stablecoin regulation.
The law will take effect on the earlier of 18 months from enactment (January 18, 2027) or 120 days after primary federal regulators issue final implementing rules. Other agencies have moved on parallel tracks. The FDIC has proposed a prudential framework for its supervised stablecoin issuers covering reserve assets, redemption, capital, and risk management standards. The OCC and Treasury have also published their own implementing proposals in recent months.
The Fed's two proposals add an important piece to this regulatory puzzle, covering institutions under the Board's direct supervision. Together, the wave of agency rulemakings signals that the U.S. is moving toward an operational stablecoin regulatory regime well before the GENIUS Act's expected January 2027 effective date.
Sources:Federal Reserve Board opens comment on two GENIUS Act stablecoin proposalsFDIC approves proposal to implement GENIUS Act requirements and standardsU.S. Treasury seeks public comment on GENIUS Act proposed rulemaking
