The Federal Deposit Insurance Corporation (FDIC) has released a proposed rulemaking to implement the GENIUS Act, the first U.S. legislation governing stablecoins.
The move establishes a prudential framework for FDIC-supervised permitted payment stablecoin issuers (PPSIs) and insured depository institutions (IDIs) providing custodial services for payment stablecoins.
Key provisions include requirements for reserve asset composition, redemption mechanics, and enterprise-level risk management.
The FDIC also clarifies that tokenized deposits meeting the definition of "deposit" will be insured under the Federal Deposit Insurance Act, just like traditional deposits.
Additionally, issuers must implement anti-money laundering (AML) and sanctions compliance programs.
The proposal does not yet set specific capital requirements but seeks public feedback on future frameworks.
This marks a significant step in creating a federal regulatory structure for stablecoins under the GENIUS Act.