Which agency proposed stablecoin rules?

TLDR

The U.S. Federal Deposit Insurance Corporation (FDIC) is the agency proposing new stablecoin rules, with an application framework due this month under the GENIUS Act FDIC plan.

1. The FDIC outlined timing and prudential focus (capital, liquidity, reserves) for FDIC?supervised payment stablecoin issuers prepared remarks.

1. The Federal Reserve also signaled work on bank and stablecoin rules in testimony to House lawmakers Fed remarks.

Deep Dive

1. FDIC Framework

The FDIC said it will publish its first proposed rule to establish the application framework for stablecoin issuers and follow with prudential standards (capital, liquidity, reserve asset quality) early next year.

1. Acting Chair Travis Hill described the rollout timeline and scope tied to implementing the GENIUS Act, with the proposal expected by December and a public comment period before final rules agency testimony coverage.

1. Media reports reiterate the two?step plan: application framework now, prudential standards next year for FDIC?supervised issuers summary.

2. Multi?Agency Context

Stablecoin oversight in the U.S. will be multi?agency. The Fed and Treasury have roles alongside the FDIC, aligning bank supervision with non?bank issuer coverage.

1. The Federal Reserves bank supervision lead flagged parallel work on rules for banks and stablecoins to balance innovation with safety and soundness Fed testimony note.

1. Reports indicate Treasury has already run consultation on its piece of the framework, with the FDIC focusing on bank?linked issuers under the GENIUS Act context.

Conclusion

The FDIC is leading the immediate proposal for U.S. stablecoin rules, starting with an application framework and followed by prudential standards. In parallel, the Fed and Treasury are shaping complementary rules, pointing to a coordinated framework that tightens issuer resilience while formalizing oversight.