Fed proposes stablecoin rules requiring full reserves and capital safeguards

The Federal Reserve released the two proposals at 2:30 p.m. EDT on September 24 to implement responsibilities assigned by the 2025 GENIUS Act. The first would require Board-supervised payment stablecoin issuers to fully back outstanding tokens with short-term U.S. Treasury bills and other permissible high-quality liquid assets. It would also establish standardized capital requirements for credit and operational risks.

The same proposal would set rules for Board-supervised firms that safekeep stablecoin reserve assets and clarify which stablecoin and related activities are permissible for supervised banks. Its scope is limited to issuers and institutions under the Fed's statutory supervision; it should not be read as an immediately effective rule covering every U.S. stablecoin.

The second proposal would create a tailored application process for Board-supervised insured depository institutions seeking to issue payment stablecoins through a subsidiary. Applicants would have to provide a business plan and financial information, with procedures for appeals, hearings and final determinations.

Public comments are due 60 days after publication in the Federal Register. The final text, effective date and any revisions remain unsettled. For that reason, this report describes the measures as proposals rather than rules already in force.

The core facts are confirmed by the Federal Reserve's official release and proposal documents, with independent reporting by Reuters. The image is an N Globe editorial illustration, not official Federal Reserve imagery. Verification status: confirmed. News value: A-level major news. Origin region: United States. Primary section: Economy. Related region: World. Source time: September 24, 2026, 2:30 p.m. EDT / 18:30 UTC. Report date: September 24, 2026.