On September 24, 2026, the Federal Reserve Board asked for public comment on two proposals that would set rules for the payment stablecoin issuers it supervises under the GENIUS Act, the 2025 federal stablecoin law. The comment period closes 60 days after the proposals are published in the Federal Register.
What changed
- ReservesBoard-supervised issuers would have to fully back their stablecoins with permissible reserve assets, such as short-term Treasury bills and certain other high-quality, liquid assets
- Capital and risk managementstandardized capital requirements for credit and operational risks, plus risk management standards
- Custodyrules for Board-supervised firms that safekeep the assets backing stablecoins
- Tying bana framework for the Act’s tying prohibition, which applies to all permitted issuers, not only Board-supervised ones
- Applicationsa process for Board-supervised banks seeking approval for a subsidiary to issue payment stablecoins, with a business plan, financial information, appeals and hearings
- Statusproposals; comments due 60 days after Federal Register publication
Source: Federal Reserve Board, September 24, 2026 · Checked on September 27, 2026
Why it matters
When you send a dollar stablecoin, you rely on the issuer to redeem it for dollars. These proposals set what must sit behind the coin for issuers under the Fed’s supervision. According to the Board’s staff memo, the tying ban prevents an issuer from providing services to a customer on the condition that the customer pay for an additional product or service.
The Fed is one of several regulators writing these rules. Treasury proposed rules on issuance, offer and sale on August 17, 2026, with comments due October 19, 2026. The FDIC’s board approved its own proposal on April 7, 2026, and the Federal Register published it on April 10. Per the FDIC’s notice, the GENIUS Act takes effect on January 18, 2027, or 120 days after the regulators issue final implementing rules, if that is earlier.
What to do
- Nothing changes today for how you send or receive stablecoins; these are proposals.
- Before sending, check the network and address twice: how to send crypto safely.
- For how stablecoin transfers settle and what they cost, see stablecoin transfers explained.
This is not financial advice.
