The Federal Reserve has unveiled proposed rules for stablecoin issuers under its supervision, calling for stronger reserve backing, capital safeguards, and risk-management controls as U.S. regulators construct a federal framework for dollar-pegged digital assets.

The measures form part of the regulatory implementation of the GENIUS Act, the federal stablecoin law signed in July 2025. The central bank opened two proposals for public comment: one covering reserve requirements for payment stablecoin issuers—tokens designed primarily for payments and settlement—and another establishing a specialized approval process for supervised banks seeking to issue such tokens.

If adopted, the 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.

Reserve and Capital Framework

Under the first proposal, supervised payment stablecoin issuers—firms under the Federal Reserve's direct supervisory authority—would be required to hold reserves entirely in eligible assets. The framework is intended to that stablecoins remain backed by assets capable of supporting redemption at face value.

The proposal would also introduce standardized capital requirements for issuers, aimed at addressing risks arising from the operation of stablecoin businesses, including credit and operational exposures. Additional provisions would set out risk-management standards and requirements for firms responsible for safeguarding the assets that back stablecoins.

Taken together, the measures are designed to strengthen controls around reserves and reduce the potential for problems at a single issuer to spread to users or the broader financial system.

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 a key component of the digital-asset market, underpinning transfers between exchanges, trade settlement, cross-border payments, and the temporary holding of funds without converting them into traditional bank money.

Tailored Approval Process for Banks

The Federal Reserve's second proposal would create a dedicated application process for Board-supervised banks seeking authorization to issue payment stablecoins. Because those institutions already sit within the central bank's supervisory perimeter, the application route builds on oversight relationships that exist today rather than introducing a new regulator. Applicants would be required to submit information including business plans and financial details, and the proposal would establish procedures governing appeals, hearings, and final decisions on applications.

The public comment period for both proposals would close 60 days after their publication in the Federal Register, the U.S. government's official journal for regulatory notices. The comment window is a standard step in federal rulemaking, giving banks, prospective issuers, and other stakeholders an opportunity to weigh in before the proposals are finalized.

The bank application framework would give supervised institutions a defined regulatory pathway into the payment-stablecoin market, while subjecting prospective issuers to financial and operational scrutiny before any tokens are issued.

The Federal Reserve announced the opening of the comment period on X:

@federalreserve requests public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act: — Reserve (@federalreserve) September 24, 2026

Part of a Broader Federal Rollout

The Federal Reserve's proposals represent one component of a wider federal effort to implement the GENIUS Act, with other agencies 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. Separately, the Treasury Department has proposed restrictions that would prevent platforms from selling stablecoins that do not meet federal requirements to U.S. customers.

The coordinated approach reflects the growing role of stablecoins in digital-asset markets and 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 raised 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, seeking to ensure that digital tokens remain supported by readily available assets.

The proposed reserve, capital, and custody requirements are intended to bolster 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.