Fed requests comment on two proposals for stablecoin issuers under GENIUS Act
The Federal Reserve has opened public comment on two proposals to implement the GENIUS Act’s framework for supervised payment stablecoin issuers. One proposal would require stablecoins to be fully backed by reserve assets such as short-term Treasury bills and other high-quality liquid assets, while also setting standardized capital and risk-management requirements to address credit and operational risks. The second proposal would create an application process for banks that want to issue payment stablecoins, requiring business plans and financial information, plus procedures for appeals, hearings, and final decisions. The comment period ends 60 days after publication in the Federal Register. The GENIUS Act, signed into law on July 18, 2025, created the first comprehensive federal stablecoin regime in the US.
