Notice of Proposed Rulemaking to Establish GENIUS Act Application Procedures for FDIC-Supervised Institutions Seeking to Issue Payment Stablecoins

Summary:

The FDIC Board of Directors, on December 16, 2025, approved a notice of proposed rulemaking under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) to be followed by insured State nonmember banks or State savings associations (FDIC-supervised institutions) that seek FDIC approval to issue payment stablecoins through a subsidiary.

Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions.

Highlights:

Under the GENIUS Act, an FDIC-supervised institution seeking to issue payment stablecoins through a subsidiary is required to apply to the FDIC for the subsidiary to be approved as a permitted payment stablecoin issuer. 

The FDIC has proposed a rule that would implement the requirements of section 5 of the GENIUS Act with respect to evaluating applications based on the statutory factors, processing applications within specified timeframes, and establishing an appeal process for any denied applications. 

The proposed rule would establish procedures under a new § 12 CFR 303.252 titled “Permitted payment stablecoin issuers” under subpart M of 12 CFR part 303, Other Filings. 

The proposed rule addresses scope; definitions; filing location; contents of the filing; additional information for applications; processing decisions; hearing and appeal procedures; and final determinations. 

Comments on the proposed rule will be accepted for 60 days after publication in the Federal Register.