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ARTICLE · 27 FEBRUARY 2026

NCUA Proposes Licensing Framework For Credit Union Stablecoin Subsidiaries

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On February 12, the National Credit Union Administration issued a notice of proposed rulemaking to implement the licensing framework required by the GENIUS Act.

United StatesFinance and Banking
A.J. Dhaliwal
A.J. Dhaliwal
Mehul Madia
Mehul Madia
Maxwell Earp-Thomas
Maxwell Earp-Thomas
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On February 12, the National Credit Union Administration issued a notice of proposed rulemaking to implement the licensing framework required by the GENIUS Act. The proposal would establish a formal application, review, and supervisory structure for payment stablecoin issuers that operate as subsidiaries of federally insured credit unions.

According to the NCUA, the rule is intended to operationalize the GENIUS Act's requirement that insured depository institutions, including credit unions, may not directly issue payment stablecoins and instead must do so through a licensed subsidiary overseen by the appropriate primary federal payment stablecoin regulator. For credit union subsidiaries, that regulator would be the NCUA.

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