NCUA Proposes 26 Stablecoin Reporting Fields for Federally Insured Credit Unions

What the new reporting fields would cover

Under the proposal, credit unions would provide more detailed quarterly disclosures about several kinds of stablecoin-related activity. The NCUA said the new Schedule J would contain 26 data points, each aimed at a specific aspect of payment stablecoin business lines.

Eight of those fields relate to reserve assets safeguarded for authorized third-party issuers. Nine focus on custody and control of cryptographic keys, which are the credentials used to access digital assets. Another five would measure a credit union’s financial exposure to stablecoin issuers, while four would track payment stablecoins held on the institution’s own balance sheet.

The structure distinguishes between assets held for others, exposure to issuer risk, and stablecoins owned by the reporting institution itself. In the agency’s framing, these categories matter because reserves support tokens in circulation and redemption arrangements affect whether a stablecoin can maintain its reference value, commonly the U.S. dollar.

Part of a broader federal stablecoin framework

The NCUA tied the reporting expansion to its work under the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act, described in the proposal as the federal payment stablecoin law. Earlier, on May 15, the agency proposed operational and risk-management standards for licensed issuers.

NCUA Chairman Kyle Hauptman said that work was intended to align with proposed standards for bank subsidiaries. The reporting proposal now extends that supervisory effort to the quarterly disclosures filed by member-owned institutions through the Form 5300 Call Report.

Why smaller institutions are part of the discussion

The proposal arrives as commercial partnerships may give community institutions new ways to offer stablecoin-linked services. The article points to a Sept. 10 agreement between Coinbase and payments infrastructure provider Moov, which is designed to connect Coinbase’s stablecoin infrastructure with Moov’s payments platform.

According to the source, Moov’s customer base includes more than 1,000 community banks and credit unions. The integration is intended to support payments, settlement, custody, and funding, illustrating how smaller institutions could gain access to digital dollar services without building every piece of infrastructure internally.

Burden estimates and the next step

The NCUA said the information collection would apply to an estimated 4,224 federally insured credit unions and involve 794,112 annual reporting hours. The average burden is listed at 47 hours per quarterly response for the full Call Report, not just the new stablecoin schedule. The agency said the higher estimate reflects public feedback on data collection and that the stablecoin additions would not materially change existing burden estimates.

Regulators said the extra fields would support offsite supervision by allowing examiners to evaluate activities through submitted data. Most Call Report information is public, although some sensitive items are treated differently. Before the revised form can take effect, it must still go through review and clearance by the Office of Management and Budget.

The NCUA is asking for comment on whether the information is useful, whether its burden estimates are accurate, and whether automation or other technology could reduce the reporting workload. Comments submitted by Dec. 8 will become part of the public record and will accompany the agency’s request for approval.