The U.S. Federal Deposit Insurance Corporation (FDIC) proposed new rules establishing the procedure for obtaining approval to issue payment stablecoins by banking institutions under its supervision.
The FDIC published a draft regulation defining the approval process for issuing payment stablecoins through bank subsidiaries overseen by the regulator. The rules apply to so-called permitted payment stablecoin issuers (PPSI), the only category of organizations that will be allowed to issue such digital assets in the U.S. under the new federal legislation.
A key requirement for future issuers is full reserve backing of stablecoins at a 1:1 ratio. Reserves must consist of legally permitted assets, and their composition must be disclosed on a monthly basis. In addition, issuers are required to publish reserve information on their websites and confirm it through independent audit reports. The law explicitly prohibits the reuse, pledging, or reinvestment of reserve assets.
The FDIC also evaluates the applicant’s governance structure. Individuals previously convicted of financial crimes, cybercrime, money laundering, or terrorist financing are barred from holding management positions. Particular attention is paid to stablecoin redemption policies: redemption terms must be transparent, timelines clearly defined, and any changes to fees are allowed only with at least seven days’ prior notice to customers.
According to the document, state-chartered banks that aren’t members of the Federal Reserve System, as well as savings associations, must obtain separate FDIC approval if they plan to issue payment stablecoins through subsidiaries. The FDIC estimates that approximately 2,772 banks and savings associations under its supervision could potentially fall under the scope of these rules. At the same time, the regulator expects that, on average, only about ten organizations per year will apply to issue payment stablecoins.
The document was developed under the GENIUS Act and was released for public consultation. The public comment period will last 60 days from the date of publication in the Federal Register. The FDIC emphasizes that the goal of the regulation is to support the development of digital financial technologies while reducing risks to the banking system and consumers.
Several days earlier, the U.S. Office of the Comptroller of the Currency (OCC) preliminarily approved five applications for national trust bank status from companies specializing in digital assets.
