The Federal Deposit Insurance Corporation (FDIC) Board approved a notice of proposed rulemaking to set the application process that FDIC-supervised insured State nonmember banks and State savings associations would follow to obtain FDIC approval to issue payment stablecoins through a subsidiary under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The proposal would implement section 5 of the GENIUS Act by establishing how the FDIC will evaluate applications against the statutory factors, process applications within specified timeframes, and provide a hearing and appeal process for denied applications. It would add a new § 12 CFR 303.252, “Permitted payment stablecoin issuers,” under subpart M of 12 CFR part 303 and covers scope, definitions, filing location, required contents and additional information, processing decisions, and final determinations. Comments will be accepted for 60 days after publication in the Federal Register.
Federal Deposit Insurance Corporation 2025-12-16
Federal Deposit Insurance Corporation proposes GENIUS Act application procedures for FDIC-supervised institutions seeking to issue payment stablecoins
The FDIC Board approved a proposed rulemaking to establish the application process for FDIC-supervised insured State nonmember banks and State savings associations to issue payment stablecoins via a subsidiary under the GENIUS Act. The proposal outlines evaluation criteria, processing timelines, and a hearing and appeal process for denied applications, adding a new section under 12 CFR part 303.