The U.S. Federal Deposit Insurance Corporation, or FDIC, has proposed a new reporting form called PS-01 for payment stablecoin activity and reserve reporting. The form would require supervised stablecoin issuers to submit weekly disclosures covering issuance, redemptions, and reserve assets in considerable detail.
According to the proposal, PS-01 is intended as an operational tool for the FDIC’s prudential framework under the GENIUS Act, the U.S. stablecoin law, and 12 CFR 350. The form is still in the proposal stage, and some definitions have not yet been finalized.
Weekly filing schedule and one report for each stablecoin
Under the plan, every FDIC-registered permitted payment stablecoin issuer, or PPSI, would need to file PS-01. If an issuer has more than one stablecoin, it would have to submit a separate filing for each one.
Filings would be due once a week, by 5 p.m. each Wednesday, through the FDICconnect system. The information itself would be reported on a daily basis. The form contains eight schedules spanning general information, issuance and redemption data, reserve assets, cash, U.S. Treasuries, repurchase agreements, money market funds, and other instruments.
All financial figures would need to be prepared under U.S. generally accepted accounting principles, or GAAP, and the submission would be treated as confidential.
Top wallet addresses and top exchanges would be disclosed
The most closely watched part of the proposal is the level of detail tied to on-chain holdings and trading activity.
In the general schedule, issuers would have to report the top 100 wallet addresses by holdings and the top 100 wallet addresses by trading volume. The filing would also require daily gross buy and gross sell amounts for those addresses. In addition, issuers would need to disclose the top 100 exchanges by trading volume for the stablecoin, covering both centralized exchanges and decentralized exchanges.
The form also asks for total daily trading volume and exposure to the top five counterparties. In practice, that would give the FDIC visibility not only into an issuer’s books, but also into who is holding the stablecoin, where it is being traded, and how concentrated those holdings and flows are.
Daily peg deviation and redemption delays are part of the filing
PS-01 is also structured to capture possible stress signals early. Issuers would need to report the secondary-market low price, high price, and volume-weighted average price each day, then calculate the deviation from the $1 peg to six decimal places.
On liquidity, the filing would require the average redemption time in hours, along with the total amount of redemptions for which a transfer was not initiated within 48 hours. That would put delayed redemption activity directly in front of the regulator.
Issuers would also have to classify and report the amount of stablecoins that are temporarily frozen, blocked through blacklisting, time-locked, or permanently unusable.
Reserve reporting goes down to individual Treasury securities
The reserve side is just as detailed. Issuers would need to break out reserve assets by category, including cash, cash received from repurchase agreements, U.S. Treasuries, money market funds, reverse repos, and other instruments. For each category, the form asks for fair value, share of total reserves, unrealized gains or losses, and weighted average days to maturity.
One field specifically asks for the balance of tokenized assets, such as the share of tokenized U.S. Treasuries within Treasury holdings.
For U.S. Treasuries, issuers would have to report each position by CUSIP, including par value, days to maturity, custodian, and jurisdiction. Repurchase and reverse repurchase positions would require disclosure of counterparties, amounts lent or borrowed, and collateral haircuts.
ABMedia said the proposal would give the regulator something close to real-time visibility into stablecoin flows and reserve positions. For now, though, PS-01 remains a proposal, and some definitions are still under development.