The U.S. National Credit Union Administration (NCUA) has proposed rules for federally insured credit unions to issue payment stablecoins through subsidiaries, marking a key step in implementing the GENIUS Act. Stakeholder feedback is due by April 13, 2026, ahead of a Congressional deadline in July. Meanwhile, other major regulators have not yet issued their proposals, as the total stablecoin market has grown to around $308 billion.
The U.S. National Credit Union Administration (NCUA) has unveiled proposed rules for credit unions seeking to issue payment stablecoins, moving the GENIUS Act toward final implementation. NCUA Chairman Kyle Hauptman stated, “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.”
Under the proposed rules, federally insured credit unions cannot issue stablecoins directly and must use a subsidiary they control. The NCUA will license these subsidiaries and must decide on applications within 120 days of a completed filing.
Stakeholders including credit unions and industry groups must provide feedback by April 13, 2026. After reviewing comments, the NCUA will revise the provisions and issue enforceable regulations.
Other regulators like the Office of the Comptroller of the Currency (OCC) must still propose rules for major players such as Tether, Circle, and Ripple. These companies have applied for national trust bank licenses to be eligible under the forthcoming OCC framework.
Since the GENIUS Act became law, the stablecoin market has surged. Data shows it grew from $250 billion to nearly $320 billion, though it has recently plateaued around $308 billion. This indicates crypto trading remains a primary driver of stablecoin market growth alongside payments use.
