The National Credit Union Administration (NCUA) has proposed new rules that would allow certain credit union-affiliated entities to issue regulated payment stablecoins under a federal framework tied to the U.S. GENIUS Act.
What the proposal does:
The proposed rule would establish operational and risk-management standards for “permitted payment stablecoin issuers” supervised by the NCUA.
The framework includes requirements for:
1. Reserve backing
2. Liquidity management
3. Cybersecurity
4. AML/CFT compliance
5. Governance standards
6. Reporting and audits
7. Capital requirements
8. Operational resilience