GENIUS Act Rules Set for November Release

The US Comptroller of the Currency (OCC) will publish the final rules for the GENIUS Act in November. This regulatory framework, signed into law last July, aims to establish a comprehensive system for payment stablecoins.

The act requires stablecoin issuers to be backed by U.S. dollars, short-term Treasuries, or central bank deposits at a 1:1 reserve ratio. It also mandates that large issuers with over $10 billion in stablecoins in circulation be overseen by federal regulators.

The passage of the GENIUS Act is expected to drive more investors towards companies like Circle, Coinbase, and Mastercard, which rely on stablecoins for their business models. These companies have already started integrating stablecoins into their services, with Mastercard using them to accelerate cross-border disbursements and merchant payouts.