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

Summary:

The Federal Deposit Insurance Corporation (FDIC) is extending the comment period for the Notice of Proposed Rulemaking (NPR) on Approval Requirements for Issuance of Payment Stablecoins by Subsidiaries of FDIC-Supervised Insured Depository Institutions from February 17, 2026, to May 18, 2026.

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

Highlights:

On December 19, 2025, the FDIC published in the Federal Register (90 FR 59409) a notice of proposed rulemaking (NPR) that would establish procedures to be followed by an insured State nonmember bank or State savings association (each, an FDIC-supervised institution) that seeks to obtain FDIC approval to issue payment stablecoins through a subsidiary pursuant to the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS Act).

The NPR 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.

To provide additional time for the public to prepare comments to address the matters raised by the NPR, the FDIC is extending the comment period from February 17, 2026, to May 18, 2026.