US Treasury Proposes Rules for Payment Stablecoins Under GENIUS Act

The U.S. Treasury is moving quickly to implement the GENIUS Act, which aims to provide clear rules for payment stablecoins in the country. The department has proposed new rules that will require stablecoin issuers to obtain a federal or state license from January 18, 2027.

Treasury Secretary Scott Bessent stated that the department wants to hear from businesses and other stakeholders while the rules are being developed. The goal is to provide clearer guidelines for companies so they can build and grow in the U.S., while also supporting the role of the U.S. dollar and the country's position in the crypto industry.

The proposed rules cover both domestic and foreign-issued stablecoins, with digital asset service providers generally not allowed to offer or sell foreign-issued payment stablecoins unless the issuer meets certain conditions.