The Fed proposes stablecoin rules under the GENIUS Act
The Fed opened reserve, capital and application rules for stablecoins issued by banks it supervises to public comment. Comments run for 60 days.
What was proposed
On September 24 the Federal Reserve Board asked for public comment on two draft rules for the payment-stablecoin issuers it supervises. They are among the first major steps to implement the GENIUS Act, signed into law in July 2025.
The rules
Under the first package, issuers must fully back their stablecoins with permitted high-quality liquid reserve assets such as short-term Treasury bills, and face capital requirements for credit and operational risk plus risk-management standards. The second sets a tailored application process for Fed-supervised banks that want to issue payment stablecoins, with procedures for appeals, hearings and final decisions.
What is next
The drafts are open for 60 days of comment. Fed Governor Michael Barr called for stronger safeguards. After the MiCA debate in Europe, the rules will shape how dollar stablecoins enter the US banking system.