Investments in and Licensing of Permitted Payment Stablecoins Issuers

What it does

The NCUA Board (Board) is seeking comment on proposed regulations to implement portions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The GENIUS Act charges the NCUA with licensing, regulating, and supervising payment stablecoin issuers that are subsidiaries of federally insured credit unions (FICU subsidiaries). The GENIUS Act also requires the NCUA to issue implementing regulations by July 18th, 2026. This proposed rule proposes regulations to implement the statutorily required process for approval and licensure of permitted payment stablecoin issuers (PPSIs) subject to the NCUA's jurisdiction. It also proposes regulations limiting FICUs to investing in NCUA-licensed PPSIs. A forthcoming proposal will propose regulations to implement the standards and restrictions imposed by the GENIUS Act on PPSIs.

The National Credit Union Administration's summary, as published in the Federal Register.

What it would change

1 part of Title 12 of the Code of Federal Regulations:

12 CFR 706

Before this

No earlier Federal Register document under regulation identifier 3133-AF69 since Jan. 1, 2025.

What happens next and when

Comments must be received by April 13, 2026.

The agency's dates, word for word.

Check it yourself

• The document in the Federal Register
• Docket NCUA-2025-1335 on Regulations.gov
• Title 12 on eCFR

The record as published

Source: the Federal Register (public domain). The document in the Federal Register