The U.S. Treasury presented rules under the GENIUS Act that would require federal or state licenses to issue payment stablecoins domestically.

Main provisions

Under the draft, only issuers holding a federal or state license may create payment stablecoins for use inside the United States.

The Treasury says the rules implement the GENIUS Act framework and aim to regulate issuance, redemption, custodial arrangements and compliance requirements.

Timeline

Key dates in the proposal are 18.01.2027 and 18.07.2028, setting progressive restrictions on unlicensed stablecoin issuance and market access.

• From 18.01.2027, issuance of payment stablecoins without a license is prohibited; foreign coins are allowed only if the issuer can comply with orders from U.S. authorities.
• From 18.07.2028, exchanges and service providers will be barred from offering unlicensed stablecoins to U.S. customers.

Implications for the market

Effectively, the rules would force major global stablecoin projects to obtain U.S. licensing or lose access to American users and liquidity pools.

«to cement the dollar's role as the global reserve currency and preserve America's status as the world's crypto capital.»

— said Treasury Secretary Scott Bessent.

The proposal therefore concentrates regulatory control over payment stablecoins in U.S. jurisdictions and could reshape cross-border market participation for issuers and intermediaries.

Next steps

The draft enters a 60 day public comment period, after which the Treasury plans to finalize the rules unless substantive changes are proposed.

If adopted as written, market participants and service providers should prepare for phased compliance obligations tied to the 18.01.2027 and 18.07.2028 enforcement dates.