The Federal Reserve has proposed new rules for stablecoin issuers under its supervision, requiring stronger reserve backing, capital safeguards, and risk-management controls as U.S. regulators build a federal framework for dollar-pegged digital assets.
The proposals are part of the regulatory implementation of the GENIUS Act, the federal stablecoin law signed into law in July 2025. The Federal Reserve opened two proposals for public comment, covering reserve requirements for payment stablecoin issuers and a specialized approval process for supervised banks seeking to issue such tokens.
The proposed rules would require Board-supervised payment stablecoin issuers to fully back their tokens with permitted, high-quality liquid assets, including short-term U.S. Treasury securities, while maintaining capital and risk controls designed to address credit and operational risks.
Fed sets reserve and capital framework
Under the first proposal, supervised payment stablecoin issuers would have to maintain reserves entirely in eligible assets. The framework is intended to ensure that stablecoins remain backed by assets capable of supporting redemption at face value.
The proposal would also establish standardized capital requirements for issuers. These requirements would address risks arising from the operation of stablecoin businesses, including credit and operational exposures.
Additional provisions would establish risk-management standards and requirements for firms responsible for safeguarding the assets backing stablecoins. The framework is intended to strengthen controls around reserves and reduce the potential for problems at an issuer to affect users or broader financial markets.
Stablecoins are blockchain-based tokens generally designed to maintain a stable value against a reference asset, most commonly the U.S. dollar. Issuers typically hold reserves intended to support redemption of the tokens at their stated value.
The assets have become an important part of the digital-asset market, supporting transfers between exchanges, trade settlement, cross-border payments and the temporary holding of funds without converting them into traditional bank money.
Banks face tailored approval process
The Federal Reserve’s second proposal would establish a dedicated application process for Board-supervised banks seeking authorization to issue payment stablecoins.
Applicants would be required to provide information including business plans and financial details. The proposal would also establish procedures governing appeals, hearings, and final decisions related to applications.
The public comment period for both proposals would close 60 days after their publication in the Federal Register.
The bank application framework would give supervised institutions a defined regulatory pathway for entering the payment-stablecoin market while subjecting prospective issuers to financial and operational scrutiny before issuance.
Fed joins broader federal stablecoin rollout
The Federal Reserve’s proposals represent one component of a broader federal effort to implement the GENIUS Act. Other federal agencies are developing complementary rules covering stablecoin issuers and market participants.
The Office of the Comptroller of the Currency has been working on its own stablecoin regulations, with a targeted November timetable ahead of a statutory deadline in January. The Treasury Department has separately proposed restrictions that would prevent platforms from selling stablecoins that do not meet federal requirements to U.S. customers.
@federalreserve requests public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act: https://t.co/WD0OsCS9cS
— Federal Reserve (@federalreserve) September 24, 2026
The coordinated approach reflects the growing role of stablecoins in digital-asset markets and the increasing interest among policymakers in bringing their issuance and use within established financial oversight structures.
Stablecoins move closer to mainstream finance
The proposals arrive as stablecoins become more closely connected with conventional financial infrastructure. Their use in payments, settlement and cross-border transfers has increased the importance of maintaining confidence that tokens can preserve their intended value and remain redeemable.
The administration has also promoted dollar-backed stablecoins as a potential mechanism for extending the international reach of the U.S. dollar. Strong reserve requirements and financial oversight form a central part of that strategy by seeking to ensure that digital tokens remain supported by readily available assets.
The proposed reserve, capital, and custody requirements are intended to strengthen confidence in stablecoins by linking token issuance to identifiable liquid assets and imposing additional safeguards on the institutions managing those reserves.
The Federal Reserve‘s action also comes amid broader changes across the crypto market, including increased regulatory attention to digital assets and the relationship between stablecoins and traditional financial markets.
The proposals remain subject to public comment and could be revised before final rules are adopted. Their eventual implementation will determine how supervised issuers manage reserves, capital, risk, and custody as stablecoins become more deeply integrated into the U.S. financial system.
