GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act)

Key points

• Only a permitted payment stablecoin issuer may issue a payment stablecoin in the United States.^[1]
• Issuers must hold identifiable reserves at least one-for-one, limited to cash, deposits, Treasury bills, notes or bonds with up to 93 days to maturity, overnight repo and reverse repo on such Treasuries, and similar liquid assets.^[1]
• Issuers must publish the composition of their reserves every month and have the report certified.^[1]
• Issuers may not pay holders interest or yield solely for holding, using or retaining a payment stablecoin.^[1]
• From three years after enactment, digital asset service providers may not offer or sell to US persons a payment stablecoin that is not issued by a permitted issuer.^[1]
• A state-chartered issuer whose coin exceeds $10 billion outstanding must move to the federal framework within 360 days unless waived.^[1]

What it covers i

StablecoinPrimary issuancePaymentsCross-border payments

Timeline

1. 18 Jul 2025 · Final
   Signed into law.^[2]
2. 18 Aug 2026 · Proposed
   Treasury proposes rules on who may issue, offer and sell payment stablecoins in the US.^[3]
3. 29 Sep 2026 · Proposed
   Federal Reserve Board's two GENIUS proposals published in the Federal Register.^[4]
4. 30 Sep 2026 · Final
   Interim final rule sets forms and procedures for the Stablecoin Certification Review Committee to review state regime certifications.^[5]
5. 19 Oct 2026 · Consultation · upcoming
   Comments close on Treasury's issuance, offer and sale proposal.^[3]
6. 30 Nov 2026 · Consultation · upcoming
   Comments close on the Federal Reserve proposals and the certification interim final rule.^[4]
7. 18 Jan 2027 · In force · upcoming
   Latest date the operative provisions take effect (earlier if final rules come first).^[6]
8. 18 Jul 2028 · Transition ends · upcoming
   Ban on digital asset service providers offering or selling non-permitted payment stablecoins to US persons applies (three years after enactment).^[1]

Instruments

• FDIC proposed rule: approval requirements for payment stablecoin issuance by subsidiaries of FDIC-supervised banksProposed rule · Consultation open
• FDIC proposed rule: GENIUS Act requirements and standards for FDIC-supervised stablecoin issuers and insured banksProposed rule · Consultation open
• Federal Reserve Board proposals on a GENIUS Act framework for Board-supervised payment stablecoin issuersProposed rule · Consultation open
• FinCEN and OFAC proposed rule: AML and sanctions compliance programme requirements for payment stablecoin issuersProposed rule · Consultation open
• OCC proposed rule implementing the GENIUS Act for stablecoin issuers under OCC jurisdictionRegulator rule or rulebook · Final, not yet in force · 18 Jan 2027
• US Treasury advance notice of proposed rulemaking on GENIUS Act implementationConsultation paper · Consultation open
• US Treasury proposed rule: GENIUS Act regulations on payment stablecoin issuance, offer and sale (FR Doc. 2026-16796)Proposed rule · Consultation open
• Stablecoin Certification Review Committee interim final rule: forms and procedures for reviewing state certifications (FR Doc. 2026-19966)Regulator rule or rulebook · In force · 30 Sep 2026
• US Treasury proposed rule: principles for whether a state stablecoin regime is substantially similar to the federal frameworkProposed rule · Consultation open

Deployments operating under it

None recorded with a source yet.

Likely relevant to i

Sources i