FDIC Proposes Bank-Style Quarterly Reports for Stablecoin Issuers

Stablecoins rely on reserves such as cash and U.S. Treasury securities to maintain their dollar pegs, but concentrated ownership, exchange exposure and limited asset-level disclosure can amplify redemption pressure during market stress. The Federal Deposit Insurance Corporation’s proposal would give supervisors a more timely view of liquidity and reserve quality at regulated issuers, helping them assess vulnerabilities before a depegging event or run escalates.

Under the proposed PS-01 reporting form, regulated stablecoin issuers would submit operating and reserve data every week. Required disclosures would include the top 100 wallet addresses by holdings and transaction activity, exposure to cryptocurrency exchanges, and detailed amounts and composition of tokenized assets and U.S. Treasury positions. The high-frequency reports are intended to help the FDIC identify ownership concentration, liquidity strains and reserve mismatches in near real time.

Stablecoins typically maintain their value through assets denominated in U.S. dollars and have become an important dollar channel for crypto trading and cross-border payments. The United States signed the GENIUS Act into law on July 18, 2025, establishing a federal issuance framework for the first time. It requires every $1 token to be backed by at least $1 in eligible reserve assets. Stablecoins, however, are not bank deposits and are not covered by FDIC deposit insurance.

The FDIC board approved a proposed rule on April 7, 2026, and published it in the Federal Register on April 10. The proposal would require issuers under its supervision to meet standards covering reserve assets, redemption within two business days, capital, risk management and custody. The OCC issued its own proposal on February 25, followed by customer identification rules proposed by five federal agencies on June 18. Final rules had yet to be issued by the July 18 statutory deadline.

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.

Stablecoins are typically pegged to fiat currencies such as the U.S. dollar, and companies may classify some of the tokens as cash equivalents, but accounting practices remain inconsistent. The U.S. Financial Accounting Standards Board is seeking to standardize disclosures so investors can better assess companies' allocation of funds and regulatory risks. The proposal would not set a uniform monetary threshold, leaving companies to determine materiality.

FASB voted 5–2 on April 15, 2026, to tentatively require all companies to disclose annually the material categories and U.S. dollar amounts of cash equivalents on their balance sheets, including stablecoins, money market funds and U.S. Treasury bills. The board also voted 7–0 to direct staff to draft a proposed accounting standards update, with a 90-day public comment period.