# Federal Register #R-1899

Federal Reserve Board Proposes Regulatory Framework for Stablecoin Issuers under the GENIUS Act

**Buyer:** Board of Governors of the Federal Reserve System
**Posted:** September 29, 2026
**Respond By:** November 30, 2026
**Identifier:** R-1899
**NAICS:** 926110

The Board of Governors of the Federal Reserve System is proposing regulations to implement the GENIUS Act, establishing a regulatory framework for stablecoin issuers.
- Government Buyer:
  - Board of Governors of the Federal Reserve System (Federal Reserve System)
- Scope of Regulation:
  - Applies to Board-supervised permitted payment stablecoin issuers (PPSIs), including subsidiaries of insured State member banks and certain State-qualified PPSIs
  - Covers foreign payment stablecoin issuers under Board jurisdiction
- Products/Services Referenced:
  - Payment stablecoins (digital assets used for payments, backed one-to-one by reserve assets)
  - Reserve assets (U.S. coins/currency, eligible deposits, short-term Treasury securities, repurchase agreements, certain money market funds)
  - Custodial or safekeeping services for covered assets (including reserves, collateral, and private keys)
  - Audits and reporting services (monthly, quarterly, and annual financial statements for large issuers)
- Key Requirements:
  - Reserve asset requirements: one-to-one backing with high-quality liquid assets
  - Redemption policies: stablecoin holders must be able to redeem within two business days
  - Capital requirements tailored to PPSI risks
  - Risk management and custody standards
  - Prohibition on tying arrangements (certain business practices)
  - Enhanced transparency and reporting for PPSIs with over $50 billion in issuance
- No specific OEMs or commercial vendors are named, as this is a regulatory proposal, not a procurement.

### Description

The Board of Governors of the Federal Reserve System proposes regulations to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) concerning Board-supervised permitted payment stablecoin issuers (PPSIs) and other entities under the Board's jurisdiction. The regulations also address the prohibition on tying in section 4(a)(8) of the GENIUS Act, applicable to all PPSIs. This proposed rulemaking aims to establish regulatory and licensing requirements for PPSIs and foreign payment stablecoin issuers, including capital, reserve asset diversification, and risk management standards. Comments on the proposal must be received by November 30, 2026.

[View original listing](https://www.federalregister.gov/documents/2026/09/29/2026-19860/implementing-the-federal-reserve-boards-responsibilities-under-the-genius-act)