The push to bring stablecoins under formal U.S. regulatory oversight is accelerating. On February 11, 2026, the National Credit Union Administration (NCUA) released its Notice of Proposed Rulemaking, which outlined the requirements for any applicant to become a permitted payment stablecoin issuer, as outlined in the GENIUS Act.
NCUA Chairman Kyle Hauptman said, “Today, we take the first step in the implementation of the GENIUS Act. We are on track to meet the July 18th deadline set by Congress. Credit unions will not be left behind in terms of timing or standards, compared to other organizations.”
The GENIUS Act was signed into law on July 17, 2025, launching the U.S. government’s first comprehensive federal regulatory framework for the world of cryptocurrency. After the passage of the GENIUS Act, crypto assets globally surpassed $4 trillion, with some attributing this to the cleaner regulatory environment for stablecoins.
The NCUA has opened its proposed rule for public input. The comment period is open until April 13, 2026, at 11:59 p.m. Eastern. People can also use Regulations.gov to add their comments. Regulators have to launch their implementing rules by July 18, 2026, as mandated by the GENIUS Act—a year after it was signed into law.
There are already signs that a completely stablecoin regulatory regime is being developed across the country before the end of the year, as some regulators have already begun their preliminary rule-making processes, including the FDIC and Treasury. However, for crypto businesses and credit unions alike, the chance to shape these rules via public comments is here.
