FDIC Approves Proposal to Implement GENIUS Act

The Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a notice of proposed rulemaking that would implement certain requirements and standards under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The proposed rule would establish a prudential framework for FDIC-supervised permitted payment stablecoins issuers, including requirements related to reserve assets, redemption, capital, and risk management standards.

The proposed rule would also establish requirements for FDIC-supervised permitted payment stablecoin issuers and insured depository institutions (IDIs) that provide certain payment stablecoin related custodial and safekeeping services. In addition, the proposed rule would address the applicability of pass-through insurance to deposits held as reserves backing payment stablecoins and would clarify that tokenized deposits that satisfy the statutory definition of “deposit” would be treated no differently under the Federal Deposit Insurance Act than any other types of deposits.

Comments on the proposed rule will be accepted for 60 days after publication in the Federal Register. 

The proposed rule announced today is the FDIC’s second rulemaking implementing provisions of the GENIUS Act. On December 19, 2025, the FDIC issued a proposed rule that would establish application procedures for IDIs seeking approval to issue payment stablecoins through a subsidiary.