The Fed Proposes Its First Stablecoin Rulebook

What happened

The Federal Reserve Board requested public comment on two proposals designed to implement its responsibilities for Board-supervised payment-stablecoin issuers under the GENIUS Act.

The first proposal would require full backing with permissible reserve assets, including short-term Treasury bills and other high-quality liquid assets. It would also establish standardized capital requirements for credit and operational risks, risk-management standards, rules for firms that safeguard reserve assets and clarification for stablecoin-related activities at Board-supervised banks.

The second proposal would create a tailored application process for supervised banks seeking approval to issue payment stablecoins. Applicants would submit a business plan, financial information and other supporting documents, with defined processes for appeals, hearings and final determinations.

Blue Rogues read

This is the point where stablecoin legislation begins turning into bank-grade operating architecture. The significant change is not a new token or distribution channel, but a proposed supervisory stack covering reserves, capital, custody, risk management and issuer approval.

A common framework could reduce ambiguity for supervised institutions, but it also raises the cost and governance threshold for entry. The proposal therefore opens a regulated path while making clear that stablecoin issuance would not be treated as a lightweight extension of payments.

What this confirms

The Federal Reserve is formally building a framework for the banks and other firms it supervises that want to issue payment stablecoins. Full backing, eligible liquid reserves, standardized capital and a tailored approval process are all part of the proposed structure.

What it does not confirm

The proposals are not final rules and do not authorize every supervised bank to issue a stablecoin. The public-comment period remains open for 60 days after Federal Register publication, and the final requirements may change.

Sources and disclosures

Primary source: Federal Reserve Board press release dated September 24, 2026. Blue Rogues distinguishes the Board's proposed requirements from final law and from approval of any individual issuer.

Update note

Observed September 24, 2026 during the 23:11–23:45 BRT editorial window. Review the Federal Register notices and any subsequent Board action before publication.