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The National Credit Union Administration Board (Board) intends to issue a notice of proposed rulemaking to implement the GENIUS Act. The GENIUS Act charges the NCUA with approving, regulating, and supervising payment stablecoin issuers that are subsidiaries of federally insured credit unions (FICUs). The GENIUS Act also requires the NCUA to issue implementing regulations by July 18th, 2026. These proposed regulations would implement the statutorily required process for licensure of permitted payment stablecoin issuers subject to the NCUA’s jurisdiction. The proposed regulations would also implement the standards and restrictions imposed by the GENIUS Act on permitted payment stablecoin issuers.