The National Credit Union Administration has issued a Notice of Proposed Rulemaking that would set operational and risk management standards for an NCUA-licensed permitted payment stablecoin issuer, as contemplated by the GENIUS Act. The proposal sets out the framework that would apply to credit union-linked stablecoin issuers overseen by the agency. In announcing the proposal, Chairman Kyle Hauptman said the standards are intended to ensure credit unions are not placed at a disadvantage relative to other entities and that the framework was developed to align with standards proposed for bank subsidiaries. The proposal is available in the Federal Register, and comments are due by July 17, 2026.
National Credit Union Administration2026-05-15
National Credit Union Administration launches proposed rule for NCUA-licensed permitted payment stablecoin issuers under the GENIUS Act
The National Credit Union Administration has issued a Notice of Proposed Rulemaking to establish operational and risk management standards for NCUA-licensed permitted payment stablecoin issuers under the GENIUS Act. The framework would apply to credit union-linked stablecoin issuers overseen by the agency and is designed to align with standards proposed for bank subsidiaries so credit unions are not placed at a competitive disadvantage.