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FollowingThe Federal Reserve proposes two regulatory rules on stablecoin issuers under the GENIUS Act
On September 24, 2026, the Federal Reserve announced that it would propose two sets of regulatory frameworks for payment stablecoin issuers under its supervision in accordance with the GENIUS Act. The move marks one of the specific actions taken by the Federal Reserve to implement the bill's stablecoin framework at the federal bank level, and aims to respond to expectations from banks and stablecoin issuers in previous months about how to structure reserve, capital and application requirements.
First proposal: Reserves and capital requirements
The first proposal mainly sets reserve and capital requirements. Under the proposal, stablecoin issuers supervised by the Federal Reserve must be backed by a full match of each stablecoin they issue with highly liquid and high-quality assets, including short-term U.S. Treasury bonds. This means that every stablecoin in circulation needs to be backed by safe and easily convertible reserves.
In addition, the proposal also establishes standardized capital requirements to deal with credit and operational risks faced by issuers, and establishes risk management standards that cover day-to-day operations. The proposal introduces safe custody rules on how and where custody assets are stored, and also clarifies what stablecoin-related activities banks supervised by the Federal Reserve can engage in. This move eliminates the previous situation where some banks were uncertain about the extent of their direct participation in stablecoin issuance due to ambiguity.
Second proposal: Customized application process
第二项提案侧重于程序而非审慎性标准。它为寻求成为受美联储监管的支付型稳定币发行机构的实体创建了一套定制化的申请框架，要求申请人提交商业计划和详细的财务信息。
该提案还建立了正式的申诉和听证程序，为申请人提供了一条明确的途径来对抗不利决定，从而避免了以往完全依赖个案裁量的情况，使整个流程更加规范化和透明化。
公众意见征询与后续影响
这两项提案自在《联邦公报》发布之日起，将进入为期60天的公众意见征询期。在此期间，银行、稳定币发行机构及其他利益相关方将有正式的机会对储备组成要求、资本门槛及应用程序发表意见，直至规则最终定稿。
美联储在公告中指出，一位理事会理事随提案发布了单独声明，强调这只是初始的规则制定步骤，而非已生效的最终规则。由于目前仍处于意见征询阶段，具体的储备和资本门槛可能在受监管发行机构被要求合规之前发生变化。
