NCUA Proposes 26 New Stablecoin Reporting Fields

Odaily report: The U.S. National Credit Union Administration (NCUA) released a stablecoin reporting proposal on October 9, which would add 26 new data fields to the quarterly financial report Form 5300, applicable to federally insured credit unions engaged in stablecoin business, with a target reporting implementation date of March 31, 2027.

Among the proposed new fields, 8 involve reserve assets held for authorized third-party issuers, 9 involve cryptographic key custody and control, 5 involve financial exposure to issuers, and 4 involve payment stablecoins held on institutional balance sheets.

The information collection is expected to cover 4,224 federally insured credit unions, with an annual reporting burden of 794,112 hours, and a complete quarterly report requiring an average of 47 hours. The NCUA will seek public comment before December 8, and the feedback will be publicly submitted as part of the approval application. (Bitcoin.com News)