<p>在去年七月成为法律后，美国的稳定币框架 GENIUS 法案现在正准备进入最终实施阶段。</p>
<p>美国国家信用合作社管理局（NCUA），作为监管该行业的四个联邦监管机构之一，已公布了针对寻求发行支付稳定币的信用合作社的拟议规则。</p>
<p><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" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-12-094105.png"/></p>
<p>来源：X</p>
<p>根据 GENIUS 法案指示制定支付稳定币框架法律的其他监管机构包括 FDIC、OCC 和美联储。目前，NCUA 的最新举措使其成为首个推动实施的机构。</p>
<p>对此，NCUA 主席 Kyle Hauptman 表示，</p>
<blockquote>
<p>“我们正按计划满足国会 7 月 18 日的截止日期。信用合作社应意识到，无论在时间还是标准上，他们都不会处于劣势。”</p>
</blockquote>
<h2><strong>NCUA 草案提案后的下一步是什么？</strong></h2>
<p>根据 NCUA 的拟议规则，联邦保险信用合作社（FICUs）不能直接发行稳定币；他们只能通过子公司进行发行。</p>
<p>此外，FICUs 必须拥有子公司超过 10% 的股份。因此，NCUA 的许可证将发放给 FICU 的子公司。</p>
<p>关于申请要求，潜在发行人在提交申请后，NCUA 将有 120 天的时间做出决定。即使被拒绝，申请人也有权重新申请。其他要求，如储备支持，将在稍后发布。</p>
<p>利益相关者（信用合作社、行业团体、金融科技公司等）预计将在 2026 年 4 月 13 日前对这些拟议规则提供反馈。</p>
<p>在审查这些意见后，NCUA 将修订和澄清条款。该过程解决了关切并完善了框架。修订后，NCUA 将发布更新的规则作为具有法律约束力的法规。这一行动标志着实施 GENIUS 法案的最后一步。</p>
<p>也就是说，其他主要稳定币参与者，如 Tether、Circle 和 Ripple，将由货币监理署（OCC）进行监管。为了符合资格，这些参与者已申请国家信托银行许可证。</p>
<p>但 OCC 尚未为他们发布拟议规则，距离国会的实施截止日期还有大约五个月。</p>
<h2><strong>对稳定币的影响</strong></h2>
<p>自 GENIUS 法案成为法律以来，稳定币市场从 2500 亿美元激增至近 3200 亿美元。然而，市场在更广泛的加密市场降温中停滞在约 3080 亿美元。</p>
<p>这突显出尽管支付领域的兴趣上升，加密交易仍然是稳定币市场增长的主要驱动力。</p>
<p><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" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/stablecoins-total-market-cap_2026-02-12.png"/></p>
<p>来源：DeFiLlama</p>
<hr/>
<h2>最后思考</h2>
<ul>
<li><em>NCUA 提议寻求成为稳定币发行者的信用合作社通过他们控制的子公司进行发行。</em></li>
<li><em>信用合作社监管机构希望在四月之前获得利益相关者的反馈，以帮助达到 2026 年七月的实施截止日期。</em></li>
</ul>

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<p>美国国家信用合作社管理局（NCUA）已公布草案规则，允许信用合作社根据 GENIUS 法案的最终实施阶段发行支付稳定币。联邦保险信用合作社（FICUs）只能通过拥有超过 10% 股份的子公司发行稳定币。利益相关者可以在 2026 年 4 月 13 日之前提供反馈，之后 NCUA 将最终确定规则。自 GENIUS 法案实施以来，稳定币市场显著增长，目前估值约为 3080 亿美元，尽管整体加密市场放缓</p>

<p>After becoming law last July, the U.S. stablecoin framework, the GENIUS Act, is now gearing up for the final implementation stage.</p>
<div class="lb-trans"><p>在去年七月成为法律后，美国的稳定币框架 GENIUS 法案现在正准备进入最终实施阶段。</p>
</div><p>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.</p>
<div class="lb-trans"><p>美国国家信用合作社管理局（NCUA），作为监管该行业的四个联邦监管机构之一，已公布了针对寻求发行支付稳定币的信用合作社的拟议规则。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-12-094105.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-12-094105.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>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.</p>
<div class="lb-trans"><p>根据 GENIUS 法案指示制定支付稳定币框架法律的其他监管机构包括 FDIC、OCC 和美联储。目前，NCUA 的最新举措使其成为首个推动实施的机构。</p>
</div><p>Reacting to the same, NCUA Chairman Kyle Hauptman said,</p>
<div class="lb-trans"><p>对此，NCUA 主席 Kyle Hauptman 表示，</p>
</div><blockquote>
<p>“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.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“我们正按计划满足国会 7 月 18 日的截止日期。信用合作社应意识到，无论在时间还是标准上，他们都不会处于劣势。”</p>
</blockquote>
</div><h2><strong>What’s next after NCUA draft proposals?</strong></h2>
<div class="lb-trans"><h2><strong>NCUA 草案提案后的下一步是什么？</strong></h2>
</div><p>Under the NCUA’s proposed rules, federally insured credit unions (FICUs) cannot issue stablecoins directly; they can only do so through a subsidiary.</p>
<div class="lb-trans"><p>根据 NCUA 的拟议规则，联邦保险信用合作社（FICUs）不能直接发行稳定币；他们只能通过子公司进行发行。</p>
</div><p>Besides, the FICUs must own over 10% of the subsidiary. So the NCUA licenses will be issued to the FICU subsidiary.</p>
<div class="lb-trans"><p>此外，FICUs 必须拥有子公司超过 10% 的股份。因此，NCUA 的许可证将发放给 FICU 的子公司。</p>
</div><p>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.</p>
<div class="lb-trans"><p>关于申请要求，潜在发行人在提交申请后，NCUA 将有 120 天的时间做出决定。即使被拒绝，申请人也有权重新申请。其他要求，如储备支持，将在稍后发布。</p>
</div><p>Stakeholders (credit unions, industry groups, fintechs, etc) are expected to give feedback on these proposed rules by the 13th of April, 2026.</p>
<div class="lb-trans"><p>利益相关者（信用合作社、行业团体、金融科技公司等）预计将在 2026 年 4 月 13 日前对这些拟议规则提供反馈。</p>
</div><p>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.</p>
<div class="lb-trans"><p>在审查这些意见后，NCUA 将修订和澄清条款。该过程解决了关切并完善了框架。修订后，NCUA 将发布更新的规则作为具有法律约束力的法规。这一行动标志着实施 GENIUS 法案的最后一步。</p>
</div><p>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.</p>
<div class="lb-trans"><p>也就是说，其他主要稳定币参与者，如 Tether、Circle 和 Ripple，将由货币监理署（OCC）进行监管。为了符合资格，这些参与者已申请国家信托银行许可证。</p>
</div><p>But the OCC hasn’t issued proposed rules for them yet, with about five months before the Congress’s implementation deadline.</p>
<div class="lb-trans"><p>但 OCC 尚未为他们发布拟议规则，距离国会的实施截止日期还有大约五个月。</p>
</div><h2><strong>Impact on stablecoins</strong></h2>
<div class="lb-trans"><h2><strong>对稳定币的影响</strong></h2>
</div><p>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.</p>
<div class="lb-trans"><p>自 GENIUS 法案成为法律以来，稳定币市场从 2500 亿美元激增至近 3200 亿美元。然而，市场在更广泛的加密市场降温中停滞在约 3080 亿美元。</p>
</div><p>This underscored that crypto trading remains a major driver of stablecoin market growth despite rising interest in the payments segment.</p>
<div class="lb-trans"><p>这突显出尽管支付领域的兴趣上升，加密交易仍然是稳定币市场增长的主要驱动力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/stablecoins-total-market-cap_2026-02-12.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/stablecoins-total-market-cap_2026-02-12.png"/></p>
<p>Source: DeFiLlama</p>
<div class="lb-trans"><p>来源：DeFiLlama</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最后思考</h2>
</div><ul>
<li><em>NCUA has proposed that credit unions seeking to become stablecoin issuers do so through subsidiaries they control.</em></li>
<li><em>The credit unions watchdog sought stakeholders’ feedback by April to help hit the July 2026 implementation deadline.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>NCUA 提议寻求成为稳定币发行者的信用合作社通过他们控制的子公司进行发行。</em></li>
<li><em>信用合作社监管机构希望在四月之前获得利益相关者的反馈，以帮助达到 2026 年七月的实施截止日期。</em></li>
</ul>
</div>

GENIUS Act enters final phase: NCUA unveils draft stablecoin rules

- 美国稳定币框架 GENIUS 法案已进入最终实施阶段。  
- NCUA 发布了信用联盟发行支付稳定币的拟议规则。  
- 稳定币市场自法案生效以来增长至 3080 亿美元。

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GENIUS 法案进入最后阶段：美国国家信用合作社管理局（NCUA）公布了稳定币规则草案