The National Credit Union Administration announced on May 15 a Notice of Proposed Rulemaking that outlines operational and risk management standards for NCUA-licensed permitted payment stablecoin issuers, as required by the GENIUS Act.
The proposed rule is significant because it sets the framework for how credit unions can participate in issuing payment stablecoins, potentially affecting the way these institutions operate within the digital asset space. The NCUA said stakeholders are encouraged to review the notice and submit comments before the July 17 deadline.
“This proposed rule supports my view that credit unions will face no disadvantage compared to other entities regarding standards,” said NCUA Chairman Kyle Hauptman. “Stakeholders will see that we worked diligently to align the standards for NCUA-licensed PPSIs with the standards that are proposed for bank subsidiaries.”
The proposal is available in the Federal Register, where public comments can be submitted until July 17, 2026. The National Credit Union Administration functions as a U.S. government agency and serves federally insured credit unions across the nation, according to the official website. The agency seeks to guarantee safe deposits and offer regulatory oversight for federally insured credit unions; it also charters new credit unions and provides tools such as CUOnline for financial submissions and a Share Insurance Estimator.
Kyle Hauptman has served as chairman of the National Credit Union Administration Board, according to the official website.
Looking ahead, observers expect stakeholder feedback during this comment period may influence final rules governing stablecoin activities by federally insured credit unions.
