FDIC Proposes Weekly Stablecoin Reports Covering Top 100 Wallets

Stablecoins are designed to hold a steady value through reserves such as cash and short-term Treasuries, some of which issuers place with banks. That structure has raised a central question: whether a bank safeguarding reserve accounts should also police activity by token holders it does not serve directly. The GENIUS Act, signed on July 18, 2025, created a federal framework for payment stablecoins. Global stablecoin supply reached about $320 billion in May 2026, sharpening the stakes for financial stability and payment efficiency.

U.S. banking groups have urged the Federal Deposit Insurance Corporation to make stablecoin issuers responsible for wallet screening, sanctions checks and compliance in secondary-market transactions, rather than banks that merely provide reserve accounts. FinCEN, the Federal Reserve, the Office of the Comptroller of the Currency, the FDIC and the National Credit Union Administration jointly proposed customer-identification rules on June 18, 2026, with comments due August 21. Critics say overlapping oversight and unclear handoffs among regulators could add friction and slow transfers across the payment ecosystem.

The GENIUS Act, enacted on July 18, 2025, created the first federal framework for U.S. payment stablecoins and assigned prudential oversight to banking regulators, including the Federal Deposit Insurance Corporation. The regime separates assets backing token redemptions from an issuer’s own solvency cushion: issuers must maintain identifiable liquid reserves while also holding capital and an operational backstop sufficient to keep the business functioning during stress.

On July 20, 2026, the FDIC published proposed Form PS-02 for permitted payment stablecoin issuers under its supervision, modeling the quarterly disclosure on banks’ Call Reports. Its five schedules cover income, balance-sheet and off-balance-sheet items, capital and operational backstops, and supplemental operating data; the backstop includes assets equal to the prior 12 months of expenses. The agency plans to publish the information, with reports due 30 days after quarter-end. Comments are due Sept. 18.

The US Office of the Comptroller of the Currency (OCC) is advancing payment stablecoin oversight under the GENIUS Act, using Bulletin 2026-24 to translate statutory requirements into a regular reporting regime. Stablecoins hold cash and short-term assets as reserves, making liquidity and asset quality critical to redemption capacity. The new system therefore places reserve risk, operating conditions and financial soundness under continuous supervision.

The OCC issued Bulletin 2026-24 in 2026, requiring supervised stablecoin issuers to file confidential PS-01 reports weekly and PS-02 financial reports quarterly. This will produce approximately 52 short-cycle monitoring reports and four quarterly financial assessments each year. The bulletin specifies no particular monetary threshold, focusing instead on a dual-track system of short-term risk monitoring and medium-term financial verification.