The U.S. Treasury has opened a public comment period on rules implementing the GENIUS Act’s stablecoin provisions. The proposal seeks to clarify how companies can issue, offer, and sell payment stablecoins in the United States. The move marks another step toward establishing clearer federal oversight for the rapidly expanding stablecoin market.
The Treasury published its proposed rules Monday and invited industry participants to submit feedback. Stakeholders will have 60 days to respond after publication in the Federal Register.
New Rules Could Reshape Stablecoin Access
The GENIUS Act, signed into law in July 2025, establishes licensing requirements for payment stablecoin issuers. Consequently, companies generally need federal or state authorization before issuing such tokens domestically.
Additionally, Treasury wants to define when an issuer operates within the United States. The rules also address when digital asset platforms offer or sell stablecoins to U.S. users.
However, foreign stablecoin issuers face additional requirements under the framework. Beginning July 18, 2028, platforms generally cannot offer unlicensed foreign payment stablecoins to U.S. customers.
Moreover, the GENIUS Act takes effect on January 18, 2027. Hence, Treasury’s latest proposal could provide businesses with greater certainty before enforcement begins. Significantly, the framework could strengthen dollar-backed stablecoins and reinforce the dollar’s global role.
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