On December 16, 2025, the FDIC approved a notice of proposed rulemaking that would implement the application provisions under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The GENIUS Act allows insured depository institutions to issue payment stablecoins through a subsidiary and to engage in certain related activities.
The proposed rule would establish a tailored application process for an FDIC-supervised institution to obtain approval from the FDIC to issue payment stablecoins through a subsidiary. The FDIC aims to assess the safety and soundness of an applicant's proposed activities by considering legal factors, promoting the responsible growth and use of digital assets and technologies, and reducing the regulatory burden on applicants.
The proposed rule addresses scope, definitions, filing location, contents of the filing, additional information for applications, processing decisions, hearing and appeal procedures, and final determination. The proposed rule would implement the requirements of the GENIUS Act with respect to evaluating the factors, processing applications within specified timeframes, and establishing an appeal process.
The FDIC’s press release can be found here.
The proposed rule can be found here.