The Federal Reserve Board on Thursday requested public comment on a proposal that would require certain payment stablecoin issuers to maintain an effective customer identification program (CIP). The proposal is being issued jointly with four other agencies.
The Board said the proposal would introduce requirements “comparable to customer identification program requirements for banks and credit unions.” Comments are due 60 days after publication in the Federal Register.
The proposal would push payment stablecoin issuers toward bank-style onboarding, identity verification, and recordkeeping standards.
GENIUS Act backdrop
The move is part of the broader implementation of the GENIUS Act, enacted in July 2025, which treats permitted payment stablecoin issuers as financial institutions for Bank Secrecy Act purposes. The statute specifically requires issuers to maintain an effective customer identification program covering identification and verification of account holders, high-value transactions, and enhanced due diligence.
The Fed’s CIP-focused request sits alongside a separate Treasury and FinCEN proposed rule published in April targeting anti-money laundering and sanctions compliance for the same class of issuers. The OCC issued its own implementing proposal in March.
