The National Credit Union Administration of the United States has issued “stablecoin payment” rules, with a public comment period until July 17

The National Credit Union Administration (NCUA) published a proposed rulemaking notice on May 15 in Alexandria, Virginia, outlining the operational and risk management standards for Permitted Payment Stablecoin Issuers (PPSIs) authorized by the NCUA under the GENIUS Act. The proposed rule has been published in the Federal Register, and the comment period ends on July 17.

Provisions Confirmed in the Proposed Rule and Its Scope

According to the NCUA official announcement, the confirmation includes:

Who it applies to: All payment stablecoin issuers (PPSIs) seeking to operate under NCUA authorization

What it covers: Operational safeguards and risk management requirements

Legal basis: The GENIUS Act (signed into law by President Trump on July 18, 2025), which creates the United States’ first comprehensive federal payment stablecoin framework

Alignment with bank standards: Kyle Hauptman confirmed that the NCUA has worked to keep the PPSI standards aligned with the proposed bank subsidiary standards

This proposed rule focuses on operational and risk management standards, and is positioned differently from the proposed licensing framework rule published on February 11, 2026 (covering the process for a credit union to apply to become a PPSI). Together, the two make up the complete NCUA regulatory framework under the GENIUS Act.

Confirmed Procedural Timeline

According to the NCUA official announcement and related documents, it includes:

July 18, 2025: The GENIUS Act takes effect after being signed by President Trump, creating the first comprehensive federal payment stablecoin framework

February 11, 2026: The NCUA issues its first proposed rule (the licensing framework, covering the application process)

May 15, 2026: The NCUA issues its second proposed rule (this one, covering operational and risk management standards)

July 17, 2026: The comment period ends; stakeholders may submit written comments via the Federal Register

Under the GENIUS Act, the NCUA is required to coordinate with the U.S. Department of the Treasury and other regulators overseeing payment stablecoins.

Common Questions

What is a PPSI, and how can a credit union become one?

A PPSI (Permitted Payment Stablecoin Issuer) is a regulatory category created by the GENIUS Act. Under the NCUA framework, credit unions that want to issue payment stablecoins must apply to the NCUA for PPSI authorization. The application procedure is detailed in the first proposed rule published on February 11, 2026; this second proposed rule covers the operational and risk management requirements after authorization.

How does this proposed rule differ from the rule published on February 11?

The proposed rule published on February 11, 2026 covers the licensing framework (application process). The proposed rule issued on May 15, 2026 covers the safeguards and risk management requirements that authorized PPSIs must meet in their day-to-day operations. The two represent different levels of regulatory requirements.

How can stakeholders submit comments before the deadline?

According to the NCUA official announcement, the proposed rule has been published in the Federal Register. Stakeholders may submit written comments through the official Federal Register channels, with the deadline being July 17, 2026. The NCUA also encourages stakeholders to review the proposed rulemaking notice and submit comments after reviewing it.