FEDERAL RESERVE SYSTEM ISSUES PROPOSED RULE: APPLICATION PROCEDURES FOR BOARD-SUPERVISED INSURED DEPOSITORY INSTITUTIONS SEEKING APPROVAL FOR A SUBSIDIARY TO ISSUE PAYMENT STABLECOINS

WASHINGTON, Sept. 29 -- Federal Reserve System has issued a proposed rule called: Application Procedures for Board-Supervised Insured Depository Institutions Seeking Approval for a Subsidiary To Issue Payment Stablecoins.

The proposed rule was published in the Federal Register on Sept. 29 by Michele Taylor Fennell, Associate Secretary of the Board.

Summary: The Board of Governors of the Federal Reserve System (Board) proposes to issue regulations that would establish procedures to be followed by an insured State member bank that seeks to obtain Board approval for a subsidiary to issue payment stablecoins pursuant to the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).

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