The National Credit Union Administration (NCUA) has announced a proposed rulemaking notice outlining operational and risk management standards for stablecoin issuers licensed under the GENIUS Act. NCUA Chairman Kyle Hauptman stated that the proposed rule ensures credit unions are not disadvantaged compared to other entities. The NCUA has aligned its PPSI standards with those proposed for bank subsidiaries. The rule is open for public review and comment in the Federal Register until July 17, 2026.