The proposed rule would clarify when issuers need a federal or state license to issue payment stablecoins in the United States and when digital asset service providers may offer or sell payment stablecoins to people in the United States.
Treasury Secretary Scott Bessent said the rules would provide regulatory certainty for businesses, support innovation and growth in the United States, and strengthen the role of the U.S. dollar as the world’s reserve currency.
“President Trump and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework,” Bessent said.
The GENIUS Act is expected to take effect on January 18, 2027. From that date, a person generally may not issue a payment stablecoin in the United States without an appropriate federal or state license.
Starting July 18, 2028, digital asset service providers generally may not offer or sell payment stablecoins to people in the United States unless the stablecoins are issued by a licensed issuer. The proposal also addresses when digital asset service providers may offer, sell or otherwise make available foreign-issued payment stablecoins.
Treasury is inviting comments from businesses, industry representatives and other stakeholders. Members of the public should submit comments within 60 days of publication in the Federal Register.
The proposal builds on an advance notice of proposed rulemaking issued by Treasury last September as part of its efforts to implement the GENIUS Act.
Earlier, Qazinform News Agency reported that the Central Bank of the UAE had registered USDU as the country’s first USD-backed stablecoin under its payment token regulations.