- A second FDIC rule on prudential requirements will be published early next year.
- The FDIC will oversee banks’ subsidiaries that issue payment stablecoins.
- Guidance on tokenized deposits is under development.
U.S. regulators are moving quickly to build the country’s new stablecoin oversight framework. Federal agencies are preparing detailed rules as the GENIUS Act begins to shape policy.
The Federal Deposit Insurance Corporation plans to release an application framework for payment-stablecoin issuers later this month, marking one of the earliest steps in implementing the law that President Donald Trump signed earlier this year.
Alongside the FDIC, the Federal Reserve and the Treasury Department are developing rules within their respective authorities, signaling a coordinated effort to bring stablecoins under clearer, more structured supervision.
FDIC developing licensing framework for stablecoin issuers
The FDIC has confirmed in a written statement to the House Financial Services Committee that it is close to publishing a proposed rule detailing how payment-stablecoin issuers should seek approval. The statement isscheduled to be delivered on December 2.
The agency began this work earlier in the year as part of its duty to implement the GENIUS Act, and the first formal proposal is expected by the end of the month.
A second proposal, focusing on prudential requirements for FDIC-supervised issuers, is planned for early next year.
After the application framework is published, the agency will collect public comments before moving toward a final rule, a process that typically takes several months.
GENIUS Act expands supervision of bank-linked stablecoins
The GENIUS Act establishes a national structure requiring federal and state regulators to coordinate oversight of stablecoin issuers.
Under the law, the FDIC will supervise and license subsidiaries of insured depository institutions that issue payment stablecoins.
The agency will also set capital requirements, liquidity expectations, and reserves diversification standards.
Much of this work will take place over the coming year, as the statute requires several rulemakings to meet its mandates.
The FDIC is also considering recommendations published in July by the President’s Working Group on Financial Markets regarding digital assets, which urged regulators to clarify permitted banking activities for digital assets, including tokenization of assets and liabilities.
Tokenized deposits are part of the regulatory review
In addition to its stablecoin responsibilities, the FDIC is preparing guidance to clarify how tokenized deposits will be treated under federal regulation.
This area has drawn attention as banks explore digital versions of traditional deposit products.
The forthcoming guidance is expected to help institutions understand which activities fall within supervisory boundaries and how they will be monitored.
Federal Reserve coordinates its own stablecoin standards
The Federal Reserve will join the FDIC at a House hearing on Tuesday, where Vice Chair for Supervision Michelle Bowman will present the central bank’s work on stablecoin rules.
The Fed is working with other banking regulators to craft capital, liquidity, and diversification standards required by the GENIUS Act.
The focus is on providing clarity for banks engaging with digital assets and offering regulatory feedback as new use cases emerge.
This joint effort aims to ensure the banking system can support the development of digital assets while maintaining stability and compliance.
Other agencies are also advancing their GENIUS Act responsibilities.
The Treasury Department completed its public comment period in November and is developing its own regulations.
These actions are progressing in parallel with the FDIC’s and Federal Reserve’s processes, contributing to a broader national framework for governing stablecoins in the United States.