Payment Stablecoin Issuance by Bank Subsidiaries (GENIUS Act)

Current understanding

To be populated as evidence accumulates.

2026-09-29 — Implementing the Federal Reserve Board’s Responsibilities Under the GENIUS Act: cross-connection with payment-stablecoin-issuers: Fed proposal governs state member banks and other Board-supervised firms issuing payment stablecoins, complementing the bank-subsidiary issuance pathway. (novelty: 3)
2026-09-29 — Application Procedures for Board-Supervised Insured Depository Institutions Seeking Approval for a Subsidiary To Issue Payment Stablecoins: Federal Reserve proposed an application process requiring Board-supervised insured state member banks to obtain approval before a subsidiary issues payment stablecoins under the GENIUS Act, establishing the first Fed-specific procedural gateway for bank-subsidiary stablecoin issuance. (novelty: 3)