# Subsidiary Related Articles

GENIUS Act enters final phase: NCUA unveils draft stablecoin rules

The U.S. National Credit Union Administration (NCUA) has released draft rules for credit unions to issue payment stablecoins under the GENIUS Act, becoming the first federal regulator to advance the law’s implementation. Federally insured credit unions (FICUs) must issue stablecoins through a subsidiary they own at least 10% of, rather than directly. The proposal includes a 120-day decision deadline for applications and allows reapplications if denied. Stakeholder feedback is due by April 13, 2026, after which the NCUA will finalize the rules. Other major stablecoin issuers like Tether and Circle will be regulated by the OCC, which has yet to propose its rules. The stablecoin market has grown significantly since the GENIUS Act was passed, though growth has recently slowed.

ambcrypto02/12 14:03