The U.S. Treasury Department expects the GENIUS Act's general effective date to be January 18, 2027. General applicability begins 18 months after enactment or 120 days after the primary federal payment stablecoin regulator issues final implementing rules, whichever is earlier. Certain issuance and sales restrictions take effect on July 18, 2028. Stablecoin issuers need to assess approval, prudential supervision, reserve and redemption requirements, while intermediaries and companies using stablecoins face separate compliance considerations. Payment stablecoin reserves must cover outstanding tokens at least one-to-one, and relevant issuers may not pay interest or yield solely for holding, using or retaining payment stablecoins.