The U.S. Treasury issued proposed rules to implement key provisions of the GENIUS Act, clarifying when stablecoin issuers must obtain a federal or state license and when foreign-issued stablecoins may be offered in the U.S. Beginning January 18, 2027, entities generally may not issue payment stablecoins in the U.S. without an appropriate license. From July 18, 2028, digital asset service providers generally may not offer payment stablecoins to U.S. users unless they are issued by licensed issuers. Treasury is seeking public comments within 60 days.