US Treasury Proposes Rules for Stablecoin Issuance Under GENIUS Act
The Notice of Proposed Rulemaking offers the first detailed look at how regulators will define who must obtain a federal license to issue or sell payment stablecoins in the United States.
The U.S. Department of the Treasury has issued a long-awaited Notice of Proposed Rulemaking (NPRM) to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Enacted in July 2025, the Act creates a comprehensive federal licensing and supervisory framework for payment stablecoins. This NPRM proposes definitions for crucial jurisdictional terms, including what it means to “issue a payment stablecoin in the United States” and to “offer or sell” one to a person in the U.S. These definitions are fundamental for the digital asset industry, as they will determine which issuers must obtain a federal license starting in January 2027 and which stablecoins digital asset service providers can lawfully offer to U.S. customers. The rules will significantly impact both domestic and foreign-based issuers and exchanges seeking access to the American market. The Treasury has opened a 60-day public comment period, and market participants are expected to weigh in heavily on the proposal, which will shape the future of the U.S. stablecoin landscape.