The National Credit Union Administration has proposed a rule establishing operating and risk management standards for NCUA-licensed permitted payment stablecoin issuers under the GENIUS Act. NCUA Chair Kyle Hauptman said the measure is intended to keep credit unions aligned with proposed standards for bank subsidiaries. The proposal adds detail to the agency’s earlier stablecoin framework discussion by identifying the covered issuers and linking the effort directly to the GENIUS Act. The public comment period runs through July 17, 2026.