FDIC Crafts Rules for Banks Issuing Digital Dollars Called Stablecoins
Published Date: 12/19/2025
Proposed Rule
Summary
The FDIC is proposing new rules for banks supervised by them that want to create payment stablecoins through their subsidiaries. These rules set clear steps for getting approval, making sure everything is safe and sound. If you’re a bank or savings association, get ready to comment by February 17, 2026, and prepare for a new way to handle digital money!
Analyzed Economic Effects
7 provisions identified: 3 benefits, 3 costs, 1 mixed.
Reserve Rules and Monthly Disclosure Requirement
Approved subsidiaries (PPSIs) must maintain identifiable reserves backing outstanding payment stablecoins at least 1 to 1 and disclose reserve composition on their website monthly, plus submit monthly certified reports examined by a public accounting firm. The GENIUS Act and the proposed rule also limit pledging, rehypothecation, or reuse of reserve assets.
Issuance Limited to Approved PPSIs (Market Access Restriction)
Subject to limited exceptions, only a permitted payment stablecoin issuer (PPSI) may issue payment stablecoins in the United States; for subsidiaries of FDIC-supervised institutions, the PPSI must be approved by the FDIC. The GENIUS Act defines PPSIs and ties primary regulation of a subsidiary to the IDI's appropriate Federal banking agency.
New FDIC Application Path for Stablecoins
If you are a State nonmember bank or State savings association supervised by the FDIC and want your subsidiary to issue payment stablecoins, the FDIC proposes a formal application process under new 12 CFR 303.252 implementing the GENIUS Act. The FDIC requests comments by February 17, 2026 and would require applicants to file a letter application with specific materials listed in the rule.
Firm Deadlines and Deemed Approval Timing
The FDIC must notify whether an application is substantially complete within 30 days of receipt and must approve or deny a substantially complete application within 120 days. If the FDIC does not act within 120 days, the application is deemed approved.
Estimated Application Labor and Dollar Burden
The FDIC estimates each applicant would spend about 80 labor hours at a total compensation rate of $152.40 per hour, equal to $12,192 per application. Assuming 10 applicants per year, the FDIC estimates an aggregate annual compliance cost of $121,920.
Redemption Rules and Fee-Notice Protections
Applicants must show a clear redemption policy and must publicly disclose all fees for purchasing or redeeming payment stablecoins; fees may not be changed without at least 7 days' prior notice to consumers. These rules implement section 4 and section 5(c)(4) of the GENIUS Act.
Safe Harbor Waiver for Pending Applications
An applicant that files before the GENIUS Act's effective date may request a waiver of some GENIUS Act requirements for pending applications; any granted waiver may not exceed 12 months from the Act's effective date. The FDIC will accept a written waiver request explaining the basis, extent, and time period sought.
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Key Dates
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