The Federal Reserve is asking for public comment on a proposal that would make customer-identification programs a formal requirement for certain payment stablecoin issuers.

The notice, released Thursday with four other agencies, says the requirements would be comparable to the customer-identification program rules that already apply to banks and credit unions. Comments are due 60 days after the proposal is published in the Federal Register.

The practical target is the compliance layer around regulated stablecoin issuance. Under the proposal, covered issuers would need procedures for verifying the identity of people seeking to open accounts, keeping required records, and checking customer names against government lists where applicable. CoinDesk reported that the proposal also asks whether customer-identification requirements should reach some secondary-market activity, a question that could matter for exchanges, wallets, and other intermediaries if regulators later broaden the rule.

The move follows the GENIUS Act's effort to pull payment stablecoin issuers into a more conventional financial-regulatory frame. Earlier Treasury and sanctions-agency work focused on anti-money laundering and sanctions compliance. This proposal narrows in on onboarding and identity controls.

For issuers, the conservative read is that the rule is still a proposal, not a final operating mandate. But it shows where the U.S. stablecoin framework is heading: reserve and licensing rules are only one side of the stack. Identity, screening, and recordkeeping are becoming core infrastructure requirements too.