US credit union regulator proposes stablecoin licensing path
The US National Credit Union Association moves to define a federal licensing regime for payment stablecoins from credit union subsidiaries, with standards to follow.
The United States National Credit Union Administration (NCUA) has proposed its first rules under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, sketching out how subsidiaries of federally insured credit unions could apply to become federally supervised payment stablecoin issuers.
The NCUA, which oversees more than 4,000 federally insured credit unions serving roughly 144 million members and about $2.38 trillion dollars in assets as of mid-2025, is using this proposal to set out the process and standards for licensing such issuers.
Under the proposal, any payment stablecoin issuer that is a “subsidiary of an insured credit union” would need to obtain an NCUA permitted payment stablecoin issuer (PPSI) license before issuing coins.
Read more
