The Federal Deposit Insurance Corporation has issued a financial institution letter giving notice of proposed reporting forms and instructions that would apply to FDIC-supervised permitted payment stablecoin issuers under its GENIUS Act rulemaking. The package would require a confidential weekly report and a quarterly report, and would also create a simplified weekly filing for eligible smaller issuers. The reporting is designed to support supervision of reserve assets, issuance and redemption activity, and the overall financial condition of permitted payment stablecoin issuers. Under the draft framework, Form PS-01 would apply to issuers with at least USD 1 billion in total outstanding issuance value or at least USD 100 million in average daily transaction volume in the prior month, while Form PS-01a would apply to issuers below both thresholds unless the FDIC requires fuller reporting for supervisory reasons. The weekly forms would gather data on major holders and trading venues, issuance and redemption flows, reserve composition, and detailed reserve assets such as cash, U.S. Treasury securities, reverse repurchase agreements and money market mutual funds. Form PS-02 would apply to all issuers and would collect quarterly income statement, balance sheet, off-balance sheet, capital and operational backstop information, along with memorandum items such as reserve averages, issuance by blockchain, redemption metrics and custody activities. Comments on the forms and instructions are due 60 days after publication in the Federal Register.

Original source Back to tracker