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Comment Period: Application Procedures for Board-Supervised Insured Depository Institutions Seeking Approval for a Subsidiary to Issue Payment Stablecoins

AGENCY:

Board of Governors of the Federal Reserve System.

ACTION:

Notice of proposed rulemaking.

SUMMARY:

This NPRM would require FRB supervised payment stablecoin issuers to fully back their stablecoins with certain permissible reserve assets, such as short-term Treasury bills and certain other high-quality, liquid assets. The proposal would also establish standardized capital requirements to address certain credit and operational risks of payment stablecoin activities, as well as risk management standards, in accordance with the law. Separately, the proposal would introduce rules for FRB supervised firms that safekeep the assets backing payment stablecoins. It would also clarify the permissibility of stablecoin and related activities for FRB supervised banks.

DATES:

Comments must be received by the Board on or before November 30, 2026.

https://www.federalregister.gov/documents/2026/09/29/2026-19899/application-procedures-for-board-supervised-insured-depository-institutions-seeking-approval-for-a

  • November 30, 2026
  • Time: All Day
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