Federal Reserve proposes two stablecoin rules with 60‑day comment period
The Federal Reserve released two notices of proposed rulemaking on Thursday that would set reserve and capital requirements for payment stablecoins under the GENIUS Act. The notices would be open for public comment for 60 days after publication in the Federal Register.
One proposal would require board‑supervised stablecoin issuers to fully back their tokens with permissible reserve assets and impose standardized capital requirements. It would also set risk‑management standards, create rules for firms that safe‑keep the backing assets, and clarify which stablecoin activities banks may undertake. The other proposal would establish a tailored application process for banks seeking to issue stablecoins and define procedures for appeals, hearings and final decisions. The Federal Reserve’s board approved the publication of both notices by unanimous vote.
“it will be useful to have public input on the proposal’s provisions for reserve asset limitations and capital requirements, and whether the rule adequately addresses interest rate and foreign currency risks,” Federal Reserve Board Governor Michael S. Barr said.
“While the board’s proposal is an important step in GENIUS Act implementation, further work will undoubtedly be required if stablecoins are to be reliable payment instruments,” Federal Reserve Board Governor Michael S. Barr said.
The GENIUS Act was signed into law by President Donald Trump in July 2025, described as the nation’s first crypto‑specific legislation. The Office of the Comptroller of the Currency said in August it expects to issue a final GENIUS Act rule by November, while the Treasury Department said the same month it is seeking comment on a framework for stablecoin licensing and market access.
What we know
The Federal Reserve released two notices of proposed rulemaking.
The comment period lasts 60 days after publication in the Federal Register.
The publication of the proposals was approved by a unanimous board vote.
The GENIUS Act was signed into law by President Donald Trump in July 2025.
Federal Reserve Board Governor Michael S. Barr said in a statement released Thursday that public input would be useful on reserve asset limitations, capital requirements, and interest‑rate and foreign‑currency risks.