- The FDIC’s second rule on due diligence requirements will follow early next year
- The FDIC will supervise bank-affiliated companies that issue payment Stablecoins
- Guidance on token deposits is currently being developed
U.S. regulatory agencies are moving quickly to establish a new national regulatory framework for Stablecoins. Federal regulators are preparing detailed rules to implement the GENIUS Act now that the law has begun to guide policy.
The Federal Deposit Insurance Corporation (FDIC) plans to publish an application framework for payment Stablecoin issuers later this month. This represents one of the earliest concrete steps to implement the law signed by President Donald Trump earlier this year.
Alongside the FDIC, the Federal Reserve and the U.S. Department of the Treasury are working on their respective regulatory responsibilities. The coordinated effort signals a broader push to bring Stablecoins under a clearer, more structured regulatory regime.
FDIC developing licensing framework for Stablecoin issuers
The FDIC confirmed in written testimony scheduled for delivery to the House Financial Services Committee on December 2 that it is close to issuing a proposed rule outlining how payment Stablecoin issuers should apply for approval.
The agency began the process earlier this year as part of its obligations under the GENIUS Act and expects to publish the first formal proposal before the end of the month.
A separate proposal focused on due diligence requirements for issuers and other obligations for entities supervised by the FDIC is planned for early next year.
Once the application framework is published, the FDIC will seek public comment before moving to a final rule, a process that typically takes several months.
GENIUS Act expands oversight for bank-linked Stablecoins
The GENIUS Act establishes a national structure that coordinates federal and state regulators to oversee Stablecoin issuers.
Under the law, the FDIC will supervise and license subsidiaries of insured depository institutions that issue payment Stablecoins.
The agency will set capital, liquidity expectations, and reserve distribution standards.
Most of this rulemaking work is scheduled to roll out next year, since multiple regulatory requirements must be defined to meet the law’s mandates.
The FDIC also referenced guidance published in July by the President’s Working Group on Financial Markets, which urged regulators to clarify permissible bank activities related to digital assets, including tokenization of assets and liabilities.
Token deposits included in regulatory review
In addition to responsibilities for Stablecoin oversight, the FDIC is preparing new guidance to clarify how tokenized deposits will be treated under federal rules.
This area has gained attention as banks explore traditional deposit products in digital formats.
The forthcoming guidance is expected to help institutions understand which activities fall within the FDIC’s supervisory scope and how those activities will be examined.
Federal Reserve coordinating its own Stablecoin standards
The Federal Reserve will join the FDIC at the House hearing, with Vice Chair for Supervision Michelle Bowman outlining the Fed’s work on Stablecoin rules.
The Fed is coordinating with other banking regulators to develop capital, liquidity, and risk-distribution standards required under the GENIUS Act.
Key priorities include clarifying expectations for banks engaged in digital asset activities and providing regulatory guidance on emerging use cases.
This joint effort aims to ensure the banking system can support digital asset innovation while maintaining stability and compliance.
Other agencies are also developing their obligations under the GENIUS Act.
The Treasury Department completed its public consultation, which closed in November, and is drafting its own rulemaking.
These initiatives will proceed alongside the FDIC and Federal Reserve processes, building toward a broader national framework designed to regulate Stablecoins across the United States.