FDIC proposes GENIUS Act rules for bank stablecoins: 1:1 reserves, 30/120-day review

U.S. banks supervised by the FDIC can seek approval to issue payment stablecoins after the FDIC board approved a proposed GENIUS Act rule. The blueprint requires 1:1 reserves, monthly attestations, and a 30/120-day review clock, with a 60-day comment period and a temporary safe harbor of up to 12 months.