FDIC to Propose New Stablecoin Rules as GENIUS Act Implementation Accelerates

The U.S. Federal Deposit Insurance Corp. (FDIC) is preparing to roll out major rule proposals for stablecoin issuers as it moves to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. According to testimony from Acting FDIC Chair Travis Hill, set to be delivered before the House Financial Services Committee, the agency expects to release its first proposed rule by the end of December. This initial step will outline how the FDIC plans to evaluate applications from stablecoin issuers seeking federal oversight.

Hill noted that the FDIC is also working on a separate proposal—expected early next year—that will address prudential requirements for FDIC-supervised payment stablecoin issuers. These rules will cover essential areas such as capital standards, liquidity requirements, and the quality of reserves backing stablecoins. As with other federal rulemaking processes, the proposals will undergo a public comment period before final regulations are adopted.

The GENIUS Act assigns shared responsibility across multiple federal and state agencies, including the Treasury Department and the Federal Reserve, all of which are developing complementary regulatory frameworks for the growing stablecoin sector. Federal Reserve Vice Chair for Supervision Michelle Bowman confirmed that the central bank is crafting its own capital and liquidity standards for issuers as mandated by the Act.

Hill also emphasized that the FDIC is preparing new guidance to clarify the regulatory treatment of tokenized deposits, following recommendations from the President’s Working Group on Digital Asset Markets. This reflects a broader regulatory trend as digital assets and blockchain-based financial products continue drawing congressional and agency attention.

As lawmakers and regulators convene for the upcoming House hearing, stablecoins and digital assets remain central topics, signaling continued momentum toward a clearer and more unified regulatory landscape for the U.S. crypto economy.