New Treasury rules could significantly reshape the US stablecoin market by introducing licensing requirements and restrictions on unlicensed digital assets.
The United States Department of the Treasury issued a notice of proposed rulemaking (NPRM) to implement section 3 of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and opened a 60‑day public comment period.
According to the Treasury press release, the NPRM defines what it means to issue a payment stablecoin in the United States and what it means to offer or sell a payment stablecoin to a person in the United States. The release states that the GENIUS Act is expected to take effect on 18 January 2027, at which point a person may not issue a payment stablecoin in the United States without an appropriate federal or state licence.
It further notes that, from 18 July 2028, digital‑asset service providers may not offer or sell any payment stablecoin to US persons unless the stablecoin is issued by a licensed issuer.
Treasury Secretary Scott Bessent said the GENIUS Act provides a ‘landmark framework’ and clear rules for payment stablecoins, adding that the Treasury is moving quickly to implement the new framework.
He added that Treasury ‘welcomes input from stakeholders as we work to provide the regulatory certainty businesses need to innovate and grow in America, cement the role of the US dollar as the world’s reserve currency, and keep America the crypto capital of the world.’
Why does it matter?
The Treasury’s proposed rules to implement the GENIUS Act mark a significant step towards establishing a clearer and more structured regulatory environment for stablecoins in the world’s largest financial market. Greater regulatory certainty could encourage institutional participation, strengthen confidence in dollar-backed digital assets, and accelerate the integration of stablecoins into mainstream payments and financial infrastructure. The framework could also influence how other jurisdictions approach stablecoin regulation and shape the future role of the US dollar in the digital economy.
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