Stablecoin Regulation in the US: A Framework Takes Shape

The GENIUS Act, passed in July 2025, sets the framework for US stablecoin regulation, but the rules are still in the making. The statute requires implementing rules from agencies like the Treasury and OCC, which have proposed drafts but not yet finalized them.

The Treasury's proposal, published on August 17, 2026, focuses on the scope of payment stablecoin issuance, offers, and sales with a US nexus. It's a draft rule, not law, and the expected effective date is January 18, 2027.

The OCC has also published a draft rule, which deals with capital and liquidity requirements, operational risk, governance, and ongoing supervision. The agency aims to publish a final rule by November 2026.

Stablecoins, like USDC and USDT, can be issued in the US with a matching federal or state license. However, the prominence or market capitalization of a token doesn't guarantee its authorization under every US regime.