Reserve track: Board-supervised payment stablecoin issuers fully back stablecoins with certain permissible reserve assets, including short-term Treasury bills and certain other high-quality liquid assets. Standardized capital for credit and operational risk. Risk-management standards. Rules for Board-supervised firms that safekeep reserve assets. Clarifies bank permissibility of stablecoin activities.

Application track: a tailored application process for Board-supervised banks to issue payment stablecoins, including a business plan and financials, with an appeals and hearings path.

The comment period closes 60 days after publication in the Federal Register.

As-of Thu 24 Sep 2026. Federal Reserve.