<div id="readability-page-1" class="page">After becoming law last July, the U.S. stablecoin framework, the GENIUS Act, is now gearing up for the final implementation stage.The U.S. National Credit Union Administration (NCUA), one of the four federal regulators overseeing the sector, has unveiled proposed rules for credit unions seeking to issue payment stablecoins.<div id="attachment_569827"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-12-094105.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="598" height="324" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-12-094105.png"/>Source: X</div>Other regulators instructed by the GENIUS Act to formulate laws to operationalize the framework for payment stablecoins include the FDIC, OCC, and the Federal Reserve. So far, NCUA’s latest move makes it the first to push for implementation.Reacting to the same, NCUA Chairman Kyle Hauptman said,<blockquote>“We’re on track to meet the Congress’ July 18 deadline. Credit unions should be aware that they won’t be at a disadvantage versus other entities, whether in timing or standards.”</blockquote><h2>What’s next after NCUA draft proposals?</h2>Under the NCUA’s proposed rules, federally insured credit unions (FICUs) cannot issue stablecoins directly; they can only do so through a subsidiary.Besides, the FICUs must own over 10% of the subsidiary. So the NCUA licenses will be issued to the FICU subsidiary.Regarding the application requirements, there will be a 120-day deadline for the NCUA’s decision after a potential issuer completes the filing. And applicants will have the right to reapply even after being denied. Other requirements, such as reserve backing, will be issued later.Stakeholders (credit unions, industry groups, fintechs, etc) are expected to give feedback on these proposed rules by the 13th of April, 2026.After reviewing these comments, the NCUA will revise and clarify the provisions. The process addresses concerns and refines the framework. After revisions, the NCUA issues updated rules as legally enforceable regulations. This action marks the final step in implementing the GENIUS Act.That said, other top stablecoin players, such as Tether, Circle, and Ripple, will be regulated by the Office of the Comptroller of the Currency (OCC). To be eligible, these players have applied for national trust bank licenses.But the OCC hasn’t issued proposed rules for them yet, with about five months before the Congress’s implementation deadline.<h2>Impact on stablecoins</h2>Since the GENIUS Act became law, the stablecoin market has surged from $250 billion to nearly $320 billion. However, the market has plateaued at around $308 billion amid the broader crypto market cool-off. This underscored that crypto trading remains a major driver of stablecoin market growth despite rising interest in the payments segment.<div id="attachment_569831"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/stablecoins-total-market-cap_2026-02-12.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2560" height="1440" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/stablecoins-total-market-cap_2026-02-12.png"/>Source: DeFiLlama</div><hr/><h2>Final Thoughts</h2><ul><li>NCUA has proposed that credit unions seeking to become stablecoin issuers do so through subsidiaries they control.</li><li>The credit unions watchdog sought stakeholders’ feedback by April to help hit the July 2026 implementation deadline.</li></ul></div>

CRCL

RIOT

MARA

The U.S. National Credit Union Administration (NCUA) has unveiled draft rules for credit unions to issue payment stablecoins as part of the GENIUS Act's final implementation phase. Federally insured credit unions (FICUs) can only issue stablecoins through a subsidiary, owning over 10% of it. Stakeholders can provide feedback until April 13, 2026, before the NCUA finalizes the rules. The stablecoin market has grown significantly since the GENIUS Act's enactment, currently valued at around $308 billion, despite a broader crypto market slowdown.

- The U.S. stablecoin framework, the GENIUS Act, is nearing final implementation, with the National Credit Union Administration (NCUA) proposing rules for credit unions to issue payment stablecoins.  
- Federally insured credit unions must issue stablecoins through a subsidiary, owning over 10% of it, while the NCUA will finalize regulations based on stakeholder feedback by April 2026.  
- Since the GENIUS Act's enactment, the stablecoin market has increased significantly, highlighting the ongoing interest in stablecoins amidst a broader crypto market cool-off.

Amb Crypto

Circle

Riot Platforms

Mara

Paypal

Grayscale Bitcoin Trust BTC - ETF

Grayscale Ethereum Staking ETF

Core Scientific, Inc.

Galaxy Digital

American Bitcoin

Bakkt

CleanSpark

Grayscale Bitcoin Mini Trust ETF

Block

Hut 8 Mining

Robinhood

Coinbase

Invesco Galaxy Ethereum ETF

VanEck Ethereum ETF

Bitwise Ethereum ETF

Grayscale Ethereum Mini Staking ETF

VanEck Bitcoin ETF

Valkyrie Bitcoin and Ether Strategy ETF

YieldMax Short COIN Option Income Strategy ETF

ARK Fintech Innovation ETF

Proshares Ether Strategy ETF

Siren ETF Trust Siren Nasdaq NexGen Economy ETF

Leverage Shares 2X Long PYPL Daily ETF

YieldMax PYPL Option Income Strategy ETF

iShares Bitcoin Trust ETF

ProShares Ultra Bitcoin ETF

Invesco Galaxy Bitcoin ETF

YieldMax COIN Option Income Strategy ETF

GraniteShares 2x Long COIN Daily ETF

Fidelity Wise Origin Bitcoin Fund - ETF

Fidelity Ethereum Fund

IShares Ethereum Trust ETF

ARK 21Shares Bitcoin ETF

YieldMax MSTR Short Opt Inc Stgy ETF

Grayscale Ethereum Covered Call ETF

WisdomTree Bitcoin Fund

21Shares Ethereum ETF

ProShares Bitcoin Strategy ETF

Direxion Daily Crypto Industry Bull2XETF

Valkyrie Bitcoin Miners ETF

Leverage Shares 2X Long COIN Daily ETF

Global X Fintech

Franklin Ethereum ETF

Bitwise Bitcoin ETF

ProShares CoinDesk 20 Crypto ETF

Amplify Transform Data Sharing ETF

CoinShares Bitcoin ETF

Grayscale Bitcoin Adopters ETF

Franklin Bitcoin ETF

GENIUS Act enters final phase: NCUA unveils draft stablecoin rules