Federal Reserve Board requests public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act.

Primary: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20260924a.htm — Federal Reserve Board requests public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act. For release 2:30 p.m. EDT. Last Update September 24, 2026. Last-Modified Thu, 24 Sep 2026 18:30:16 GMT.

PDFs: https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20260924a1.pdf https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20260924a2.pdf https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20260924a3.pdf https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20260924a4.pdf

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.