Federal Register #RIN 3064AG19

FDIC Proposed Rule for GENIUS Act Requirements and Standards for Stablecoin Issuers and Insured Depository Institutions

The Federal Deposit Insurance Corporation (FDIC) is requesting public comment on a proposed rule to implement the GENIUS Act, which establishes requirements for stablecoin issuers and insured depository institutions: - Applies to FDIC-supervised permitted payment stablecoin issuers (PPSIs) and insured depository institutions (IDIs) - Clarifies deposit insurance coverage for stablecoin reserve assets and tokenized deposits - Establishes regulatory standards for: - Reserve assets - Capital and liquidity requirements - Risk management practices for PPSIs and custodians - Prohibits payment of interest or yield solely for holding stablecoins - Defines key regulatory terms, including distributed ledger, eligible financial institution, and reserve asset - Seeks public input on definitions and the overall regulatory approach - No specific products or purchase quantities are requested; this is a request for information and comment - The FDIC is the only entity mentioned, acting as the regulator and rule issuer

Description

The Federal Deposit Insurance Corporation (FDIC) is proposing a rule to implement requirements under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). This rule applies to FDIC-supervised permitted payment stablecoin issuers and insured depository institutions, clarifying deposit insurance coverage for reserve assets backing payment stablecoins and the treatment of tokenized deposits. The proposal establishes a regulatory framework addressing reserve assets, capital, liquidity, and risk management for these entities to support responsible growth of digital assets in the banking sector. Public comments are solicited until June 9, 2026.

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