ALEXANDRIA, Va.--Wednesday, NCUA announced a Notice of Proposed Rule Making outlining the framework for applicants seeking NCUA approval to become a permitted payment stablecoin issuer, as outlined in the GENIUS Act.
“This proposed rule is the first step in NCUA’s implementation of the GENIUS Act,” said NCUA Chairman Kyle Hauptman. “We’re on track to meet the Congress’ July 18 deadline. Credit unions should be aware that they won’t be at a disadvantage versus other entities, whether in timing or standards.”
CU Trades Comment
The Defense Credit Union Council said it welcomed the agency's publication of the proposed rulemaking and appreciates NCUA's commitment to transparency and stakeholder engagement throughout the regulatory process.
"DCUC is carefully reviewing the proposal in detail and will be submitting comprehensive comments to ensure the final rule reflects the operational realities and mission-driven structure of credit unions," stated DCUC Chief Advocacy Officer Jason Stverak. "As always, our analysis will focus on how the proposal affects credit unions’ ability to deliver affordable financial services, maintain strong capital positions, and meet the unique needs of underserved and mobile populations, including active-duty servicemembers. DCUC looks forward to constructive engagement with the NCUA board and staff as this process moves forward and remains committed to ensuring the final rule strengthens, not constrains, the ability of credit unions to serve their members and communities effectively."
America's Credit Unions noted it actively championed the inclusion of credit unions in the GENIUS Act."And we appreciate that today’s stablecoin proposal reflects that work," said Scott Simpson, ACU president and CEO. "Credit unions should have the same opportunity as any other federally regulated institution to participate in emerging payment systems. This proposal marks the first phase of implementing the GENIUS Act, and we are encouraged that the NCUA has addressed key questions regarding the role of credit union subsidiaries that may serve as stablecoin issuers. As we review the details, we look forward to providing feedback to ensure the application process is clear, timely, and workable for credit unions of all sizes.”
The proposed rule is currently available for review in the Federal Register, where stakeholders will be able to submit comments. The comment period on the proposed rule will close on April 13, 2026.
Additionally, NCUA has posted additional information to help clarify the proposed rules on its Financial Technology and Digital Assets Resource Page.