Answer · confidence: partial

Did early online money promise cash-out, and was it in their rules?

Research question: What did earlier online currency issuers promise their holders about cashing out their units, and were those promises written into their published rules?

The verified facts do not describe what earlier online currency issuers promised holders about cashing out, so that part of the question goes unanswered. They do suggest that, under the proposed FDIC rule, holders' redemption terms would be written into published rules rather than left to issuer discretion ². Under the GENIUS Act, all permitted payment stablecoin issuers must publicly disclose their redemption policy, making it a required published rule rather than an optional promise ³. The proposed rule would require a maximum of two business days for timely redemption after a request, and its stated goal is that holders can redeem at par, including during market stress ⁴⁵. The newest fact is dated May 18, 2026, about five months before October 2026 ³.

Checked 2026-10-21. Only documented and supported facts are used.

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Sources

[1] documented

Under the GENIUS Act, payment stablecoin issuers must publicly disclose their redemption policy.

"PPSIs must also publicly disclose their redemption policy and publish monthly the details of their reserves."

Investments in and Licensing of Permitted Payment Stablecoins Issuers (National Credit Union Administration, 2026-02-12)

[2] supported

The proposed FDIC rule would require stablecoin issuers to publicly disclose a redemption policy, so holders' redemption terms would be written into published rules rather than left to issuer discretion.

"A permitted payment stablecoin issuer shall establish, implement, and publicly disclose its redemption policy."

GENIUS Act Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers and Insured Depository Institutions (Federal Deposit Insurance Corporation, 2026-04-10)

[3] supported

Under the GENIUS Act, all permitted payment stablecoin issuers must publicly disclose their redemption policy, so such a policy is a required published rule rather than an optional promise.

"Section 4(a)(1)(B) requires all PPSIs to publicly disclose their redemption policy."

Implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act for the Issuance of Stablecoins by Entities Subject to the Jurisdiction of the National Credit Union Administration (National Credit Union Administration, 2026-05-18)

[4] supported

Under the proposed rule, a stablecoin issuer's published redemption policy must set a maximum timeframe for timely redemption of two business days after the redemption request.

"That timely redemption may not exceed two business days following the date of the requested redemption"

GENIUS Act Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers and Insured Depository Institutions (Federal Deposit Insurance Corporation, 2026-04-10)

[5] supported

The proposed rule's stated goal is that stablecoin holders can redeem their coins at par, including during market stress, which the document describes as a benefit of codified requirements.

"the proposed rule would require that payment stablecoin holders are able to redeem payment stablecoins issued by an FDIC-supervised PPSI at par, including during periods of market stress."

GENIUS Act Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers and Insured Depository Institutions (Federal Deposit Insurance Corporation, 2026-04-10)