U.S. Stablecoin Rules
U.S. Treasury Publishes Draft Rules for GENIUS Act, Tightening Stablecoin Licensing and Circulation
Key Points
The NPRM defines what counts as 'issuing a payment stablecoin in the United States' and what constitutes 'offering or selling' to a U.S. person, establishing the licensing trigger for issuers.
Foreign-issued stablecoins may not circulate in the United States unless the foreign issuer has the technological capability to comply with lawful orders and participates in reciprocal arrangements with the U.S. to support cross-border cooperation.
The NPRM sets up a public-comment process hosted on regulations.gov, with a 60-day window and comments that will be publicly viewable.
Treasury officials stress the regime’s aims to provide regulatory certainty, support U.S. innovation, and keep the U.S. dollar as the global reserve currency, including language framing the U.S. as the crypto capital of the world.
The U.S. Treasury Department has proposed new rules to carry out the GENIUS Act, the landmark stablecoin law signed earlier this year. The proposal sets clear definitions for when a stablecoin is issued, offered, or sold in the United States — and who must get a license to do it, according to CoinGape.
Treasury opened a 60-day public comment window on the rules, hosted at regulations.gov. The proposal sets two key deadlines: January 18, 2027 for issuers to get licensed, and July 18, 2028, when only licensed issuers may offer stablecoins to U.S. users, TradingView reported.
What Triggers the Licensing Requirement Under the New Rules
The core of the proposal is a Notice of Proposed Rulemaking, or NPRM. It defines exactly what counts as issuing a payment stablecoin in the United States. It also spells out what qualifies as offering or selling one to a U.S. person. Those definitions matter because they set the line between who must get a license and who does not, according to Crypto Briefing.
The rules create a phased timeline. Starting January 18, 2027, any entity that issues a payment stablecoin in the U.S. must hold a federal or state license. By July 18, 2028, only licensed issuers may offer or sell stablecoins to U.S. users at all. That two-step approach gives the industry roughly two years to come into compliance, TradingView reported.
Foreign Stablecoins Face New Barriers to Reach U.S. Users
Foreign-issued stablecoins face strict new limits under the proposal. A foreign issuer may not circulate its stablecoin in the U.S. unless it can technically comply with lawful orders from U.S. authorities. It must also take part in reciprocal arrangements — formal agreements between countries to share oversight and cooperate across borders, according to Crypto Briefing.
That requirement is significant. It means a foreign issuer cannot simply sell into the U.S. market without meeting the same basic standards as domestic issuers. If a foreign stablecoin cannot freeze assets or respond to a court order, it would be barred from U.S. circulation under the proposed framework, CoinGape reported.
Treasury Frames Rules as a Dollar Defense and Innovation Push
Treasury officials say the framework serves two goals at once. First, it gives businesses the regulatory clarity they need to build in the U.S. Second, it protects the U.S. dollar's role as the world's reserve currency. Officials used language positioning the U.S. as "the crypto capital of the world," according to TradingView.
Stablecoins are digital tokens pegged to a stable asset, usually the U.S. dollar. They are widely used in crypto trading and payments. By requiring dollar-backed stablecoins to meet U.S. licensing rules, Treasury aims to keep global demand flowing through dollar-denominated assets, strengthening U.S. financial influence abroad, Crypto Briefing reported.
Public Has 60 Days to Shape the Final Rules
Anyone can submit comments on the proposed rules through regulations.gov. Treasury set a 60-day window for feedback. All comments will be publicly viewable once submitted. That process allows industry groups, consumer advocates, and foreign governments to flag concerns before the rules are finalized, according to CoinGape.
The NPRM builds on earlier rulemaking efforts and covers Section 3 of the GENIUS Act. That section governs the issuance, offering, and sale of payment stablecoins. Treasury said it will review all public input before issuing a final rule, Crypto Briefing noted.
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