NCUA Releases Proposed Framework for Stablecoin Issuers, Seeks Public Comment

The NCUA today announced a Notice of Proposed Rule Making outlining the framework for applicants seeking NCUA approval to become a permitted payment stablecoin issuer, as outlined in the GENIUS Act.

"This proposed rule is the first step in NCUA's implementation of the GENIUS Act" said NCUA Chairman Kyle Hauptman. "We're on track to meet the Congress' July 18 deadline. Credit unions should be aware that they won't be at a disadvantage versus other entities, whether in timing or standards."

The proposed rule is currently in the Federal Register, where stakeholders will be able to submit comments. The comment period on the proposed rule will close on April 13, 2026.

Among the proposals, The Board has preliminarily determined that it is preferable for a federally insured credit union (FICU) subsidiary to apply for an NCUA license as a Permitted Payment Stablecoin Issuer (PPSI) together with its parent FICU(s), instead of requiring every credit union that invests in the subsidiary to file a separate application.

NCUA has posted additional information to help clarify the proposed rules on its Financial Technology and Digital Assets Resource Page.