Federal Register - Credit Unions Proposals

Investments in and Licensing of Permitted Payment Stablecoins Issuers

By

AI Summary

The NCUA Board is seeking comment on proposed regulations for licensing and supervising payment stablecoin issuers. FICUs are limited to investing in NCUA-licensed PPSIs, with a forthcoming proposal addressing standards and restrictions on PPSIs.

Texas Relevance

The article does not explicitly mention Texas or any Texas-specific entities. The regulations apply to federally insured credit unions nationwide.

Original Content

The NCUA Board (Board) is seeking comment on proposed regulations to implement portions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The GENIUS Act charges the NCUA with licensing, regulating, and supervising payment stablecoin issuers that are subsidiaries of federally insured credit unions (FICU subsidiaries). The GENIUS Act also requires the NCUA to issue implementing regulations by July 18th, 2026. This proposed rule proposes regulations to implement the statutorily required process for approval and licensure of permitted payment stablecoin issuers (PPSIs) subject to the NCUA's jurisdiction. It also proposes regulations limiting FICUs to investing in NCUA-licensed PPSIs. A forthcoming proposal will propose regulations to implement the standards and restrictions imposed by the GENIUS Act on PPSIs.