The U.S. Federal Deposit Insurance Corporation plans to introduce a framework for implementing U.S. stablecoin laws later this month, according to acting chair Travis Hill.
“The FDIC has begun work to promulgate rules to implement the GENIUS Act; we expect to issue a proposed rule to establish our application framework later this month,” Hill said in prepared remarks for testimony before the House Financial Services Committee on Tuesday.
He noted that the agency also expects to publish a separate proposed rule early next year outlining the GENIUS Act’s prudential requirements for FDIC-supervised payment stablecoin issuers.
President Donald Trump signed the GENIUS Act into law in July, creating new oversight and licensing regimes across several regulators, with the FDIC responsible for supervising the stablecoin-issuing subsidiaries of the institutions under its jurisdiction.
The FDIC, which insures deposits at thousands of U.S. banks, will now also be responsible for setting capital requirements, liquidity standards, and reserve asset diversification rules for stablecoin issuers, Hill said.
Federal agencies like the FDIC publish proposed rules for public comment, review the feedback, and then finalize the regulations—a process that can take months. The Treasury, which will oversee some stablecoin issuers including non-banks, began implementing the GENIUS Act in August and completed a second public comment period on its proposal last month.
FDIC developing tokenized-deposit guidance
Hill noted that the FDIC is also reviewing recommendations released in July by the President’s Working Group on Digital Asset Markets.
“The report recommends clarifying or expanding the activities banks are allowed to engage in, including tokenizing assets and liabilities,” Hill said.
He added that the FDIC is “currently developing guidance to provide additional clarity on the regulatory status of tokenized deposits.”
Fed assisting with stablecoin rulemaking
Federal Reserve Vice Chair for Supervision Michelle Bowman will testify Tuesday that the Fed is “working with the other banking regulators to develop capital, liquidity, and diversification standards for stablecoin issuers, as mandated by the GENIUS Act.”
Bowman emphasized that regulators must also offer clear guidance on how digital assets should be treated to ensure the banking sector can safely support related activities. “This includes clarity on the permissibility of activities, as well as a willingness to provide regulatory feedback on proposed new use cases,” she said.
Tuesday’s House Financial Services Committee hearing will also feature testimony from leaders of the Office of the Comptroller of the Currency and the National Credit Union Administration, both of which will help implement the forthcoming stablecoin rules.
