On February 6, the FDIC announced a 90-day extension of the comment period for an NPRM, which would establish application procedures under the GENIUS Act for FDIC-supervised state nonmember banks and state savings associations seeking to issue payment stablecoins through subsidiaries. As previously covered by InfoBytes, the NPRM outlines requirements for applicants including detailed descriptions of proposed stablecoin activities, financial projections, governance structures, compliance policies, and engagement with a registered public accounting firm, among others. Under the extension, comments must now be submitted by May 18.
[View source.]
