"The Federal Reserve Board requested public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act. The first proposal would require that Board-supervised payment stablecoin issuers fully back their stablecoins with certain permissible reserve assets. The second proposal would establish an application process for banks applying to issue stablecoins. These applicants would be required to submit a business plan among other documents."