U.S. Federal Reserve has presented two draft rules that establish a new regulatory framework for the issuance of payment stablecoins by U.S. banks and other organizations under the Fed’s supervision.
The drafts were published on September 24, 2026, as part of the implementation of the previously enacted GENIUS Act. The Fed has opened them for public comment.
The first draft requires that issued payment stablecoins be fully backed by eligible reserve assets.
Such reserves may include, in particular, short-term U.S. Treasury bonds and other high-quality liquid assets.
The Fed also proposes establishing standardized capital requirements for issuers, which must cover the credit and operational risks associated with the issuance of digital money.
Separate requirements are proposed for companies that provide custody services for stablecoin reserve assets. The regulator also intends to clarify which stablecoin transactions banks under its supervision are permitted to conduct.
The second draft regulates the procedure for banks to obtain authorization to issue payment stablecoins.
A bank intending to launch its own stablecoin will be required to submit a business plan, financial information, and other documents to the regulator. The draft also outlines the procedure for reviewing applications, handling appeals, and making final decisions.
Federal Reserve Board member Michael Barr stated that the regulatory framework must ensure that a stablecoin can be reliably redeemed at face value even under conditions of financial market stress or if the issuer itself faces difficulties.
According to him, restrictions on the structure of reserves and uniform capital requirements are important elements of the new system; however, the final rules will require further refinement following public comment.
The comment period for the drafts will end 60 days after their publication in the Federal Register.
The rules are being developed amid the rapid growth of stablecoins’ role in international payments. According to a recent Chainalysis study, the volume of cross-border transfers in stablecoins in the 12 months ending in June 2026 increased by 77.5%—from $124.2 billion to $220.3 billion.
At the same time, the average transaction size was approximately $3,000, which, according to Chainalysis, indicates that stablecoins are being actively used for money transfers, payments to suppliers, and the movement of personal savings—not just for institutional trading.
The introduction of full-fledged federal regulation could be one of the key steps in integrating stablecoins into the traditional U.S. financial infrastructure.
