Treasury Unveils GENIUS Act Licensing Rules for Stablecoin Issuers

Treasury Secretary Scott Bessent announced that the Treasury is moving quickly to implement the GENIUS Act, a landmark framework for payment stablecoins. The framework sets out licensing requirements for issuers and sellers of stablecoins in the United States.

The Notice of Proposed Rulemaking defines what it means to issue a payment stablecoin in the US, clarifying when an issuer needs a GENIUS Act license. Starting January 18, 2027, no one can issue a payment stablecoin without an appropriate federal or state license.

The framework also sets out requirements for digital asset service providers offering or selling stablecoins to U.S. persons. Starting July 18, 2028, providers cannot offer or sell any payment stablecoin unless the issuer holds a valid license.