NCUA Proposes Rules for Credit Unions Issuing Stablecoins
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Table of Contents
The National Credit Union Administration (NCUA) has published a draft rule asking for public feedback on how credit unions could issue stablecoins. Under a new law called the GENIUS Act, credit unions can now apply for a license to become a permitted stablecoin issuer. This proposed rule explains the application process and the safety standards these credit unions would have to meet.
Why it matters: This action matters primarily to credit unions that want to issue stablecoins. The proposed rule defines the path to entry and the compliance costs involved. If finalized, it would allow credit unions to offer stablecoin products to their members, subject to the NCUA’s oversight. For now, it is a drafting stage where the agency is testing its framework.
Who it affects
- Credit unions interested in applying for a stablecoin issuance license.
The National Credit Union Administration published this proposed rule in the Federal Register; readers relying on the details should check the original document for the full text and comment deadlines.
Agency: National Credit Union Administration
Source: Federal Register — read the official document