Three U.S. regulators outline separate stablecoin approval paths for banks

The Federal Reserve, OCC and FDIC each released distinct proposals governing how banks may issue stablecoins, with the OCC’s framework dated February and the FDIC’s dated April. SoFi Technologies said its bank‑issued SoFiUSD stablecoin will settle Mastercard debit and credit card transactions expected to exceed $25 billion annually.

Under the Fed’s plan, issuers must fully back payment stablecoins with short‑term Treasury bills or other highly liquid assets and meet new capital and risk‑management standards. The OCC’s framework covers reserves, redemption, custody, applications, reporting and supervision for national‑bank subsidiaries, and it added weekly and quarterly reporting forms in June. The FDIC’s April proposal addresses reserves, redemptions, capital, risk management and custody for state‑member banks, and it notes that tokenized deposits meeting the legal definition remain insured deposits.

All three agencies are carrying out the GENIUS Act but have each drafted separate approval and supervisory rules for bank‑issued stablecoins. The OCC issued its framework in February, the FDIC followed with an April proposal, and the Fed’s rules remain open for public comment.

What we know

• The OCC proposed its framework in February.

• The FDIC’s April proposal addresses reserves, redemptions, capital, risk management and custody for issuers it supervises.

• SoFi Technologies said this week that stablecoin settlement using its bank-issued SoFiUSD is live for its Mastercard debit and credit card program, which it expects to process more than $25 billion in annualized volume, PYMNTS reported.

• U.S. Bank completed a live cross-border pilot using its USBDC stablecoin.

• The Fed also proposed capital and risk management standards and rules for firms safeguarding the reserves.