FDIC Pushes Ahead With New Stablecoin Rulemaking
The Federal Deposit Insurance Corporation (FDIC) is gearing up to implement the GENIUS Act, marking the first major federal framework governing stablecoin issuers in the U.S. Acting Chairman Travis Hill confirmed that the agency will submit its initial rules proposal to the House Financial Services Committee by the end of December, signaling a rapid regulatory shift.
Hill said the agency’s prepared testimony outlines how federal regulators plan to oversee stablecoin issuers, as the U.S. edges closer to integrating tokenized payments into mainstream finance.
He added that the FDIC’s approach throughout 2025 has remained “constructive” toward banks interacting with digital assets, but emphasized that these activities must be handled “securely and soundly.”
GENIUS Act Establishes Strict Issuer Requirements
Signed into law by President Trump in July, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) creates a national licensing structure for stablecoin issuers.
Under the law, only one of the following can issue payment stablecoins to U.S. consumers:
- State-qualified payment stablecoin issuer
- Federal-qualified nonbank payment stablecoin issuer
- Subsidiary of an insured depository institution (IDI)
Hill highlighted that the FDIC will be responsible for licensing and overseeing IDI subsidiaries authorized to mint payment stablecoins.
He added the new rules will define capital requirements, liquidity standards, and reserve-asset diversification mandates - all aimed at preventing instability in the growing stablecoin market.
Regulators Align with Broader Digital Asset Strategy
Hill noted the FDIC is incorporating guidance from the President’s Working Group on Digital Assets, which recommended clarifications around tokenized banking activities. This includes defining when banks may engage in asset and liability tokenization.
The FDIC is also developing rules to clarify the regulatory status of tokenized deposits, a category gaining momentum among U.S. banks experimenting with blockchain-based settlement systems.
Meanwhile, the Federal Reserve’s Michelle Bowman, Vice Chair for Supervision, confirmed the central bank is also drafting capital, liquidity, and diversification rules for issuers, all required under the GENIUS Act.
Treasury Opens Door for Public Input
Another major component of the rollout is being handled by the U.S. Treasury Department, which issued an Advance Notice of Proposed Rulemaking (ANPRM) on September 18.
The Treasury sought public feedback to help shape rules that encourage stablecoin innovation while still addressing risks around financial stability and illicit finance.
The ANPRM is tied to an earlier Request for Comment on digital-asset crime detection, demonstrating how seriously federal agencies are approaching the regulatory overhaul.
Treasury officials emphasized that the ANPRM does not impose new requirements, but serves as a critical opportunity for industry participation before formal rulemaking begins.
A New Era of U.S. Stablecoin Regulation Is Taking Shape
Between the FDIC, Federal Reserve, and Treasury, the U.S. is constructing its most comprehensive regulatory framework for stablecoins to date. With rules expected to land in late 2025 and early 2026, the GENIUS Act is set to redefine how stablecoins operate inside the U.S. financial system — and how deeply banks can participate in issuing them.
