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On July 17th, the Federal Deposit Insurance Corporation (FDIC) put out a request for comment on “Reporting Forms and Instructions Associated with FDIC-Supervised Permitted Payment Stablecoin Issuers". Comments are due by September 18, 2026. The proposed forms address both reporting on payment stablecoin activity and reserves and Permitted Payment Stablecoin Issuer (PPSI) condition and income.
The reports on payment stablecoin activity and reserves must be reported weekly, and include information such as the “Top 100 Payment Stablecoin Wallet Addresses” by the number of payment stablecoins and by trading volume. The reports must also identify the top 100 centralized or decentralized exchanges by daily trading volume and the daily trading volume of ALL exchanges. The FDIC also proposes to collect information regarding “secondary market pricing”, specifically the minimum and maximum prices at which transactions were executed at the top 15 exchanges and the estimated volume-weighted average secondary-market price of the payment stablecoin. The proposed instructions are available here.
In terms of the report on PPSI condition and income, the report must be submitted quarterly. It should include information regarding reserve asset income, realized gains/losses on sales of reserve assets, reserve asset income “paid to third parties through branded payment stablecoin arrangements” and without such branded arrangements, fee income, custodial and safekeeping income, net gains/losses on sales of digital assets “such as corporate-held payment stablecoin or digital assets held to pay Gas Fees”, the amount of cash that is segregated for the PPSI’s own stablecoin, and off-balance sheet income/liabilities and any derivatives, futures contracts, forward contracts and options. The form on which this information will be reported includes a section to describe audits that have been conducted, as well as a place for the PPSI to provide an “optional narrative statement concerning the amounts reported". The proposed instructions are available here.
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