The board of the Federal Deposit Insurance Corporation (FDIC) approved a proposed rule on April 7 that would implement certain requirements and standards under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
The proposed rule would establish a framework for FDIC-supervised permitted payment stablecoins issuers, including requirements related to reserve assets, redemption, capital, and risk management standards.
In addition, the proposed rule would establish requirements for FDIC-supervised permitted payment stablecoin issuers and insured depository institutions (IDIs) that provide certain payment stablecoin related custodial and safekeeping services. I
Further, the rule addresses the applicability of pass-through insurance to deposits held as reserves backing payment stablecoins. Additionally, it seeks to clarify that tokenized deposits that satisfy the statutory definition of “deposit” would be treated no differently under the Federal Deposit Insurance Act than any other types of deposits.
The proposed rule marks the FDIC’s second rule that implements provisions of the GENIUS Act. Back on December 19, 2025, the FDIC issued a proposed rule that would establish application procedures for insured depository institutions seeking approval to issue payment stablecoins through a subsidiary.
The FDIC is accepting comments on the proposed rule for 60 days after it is published in the Federal Register.