Just saw a piece of news: on September 30, the U.S. Department of the Treasury introduced a temporary rule allowing states to file preliminary applications for stablecoin certification even before their own regulations are fully in place 😂

In other words, the Treasury is giving stablecoins a “green light”—but don’t jump to conclusions and assume it’s “a good thing” just yet~

Plainly translated, it means: no matter how your state regulates stablecoins, if the rules aren’t fully written out yet, it’s fine—you can file a “letter of intent” to secure a spot and show that you’re working on it 😂
The deadline is set for January 18, 2028.
But there’s a hard threshold: only players with an issuance size of no more than $10 billion can go through this state-level oversight route. If it exceeds $10 billion, then you’ll have to behave and accept the stricter scrutiny at the federal level 🥳

However, here’s a key detail everyone shouldn’t overlook:
Submitting an “application to hold a spot” doesn’t mean you’ve been approved. Only after you submit a complete, unconditional formal certification will the 30-day approval countdown begin. In short, the Treasury opens a back door to get you in line first—but whether you actually get served, and whether you reach the front, is a whole different story.

My personal take is:
This news looks like a positive development, but the real implementation still has at least two or three years. The true watershed is in January 2027.
Following the logic of the GENIUS Act, from that point onward, stablecoin issuers in the U.S. without a license would be operating unlawfully.
The Treasury’s message seems to be: states don’t have much time left—submit something first so you’re not scrambling at the last minute 😂

For the industry, though, this is another signal that U.S. stablecoins are transitioning from “wild growth” to “licensed and compliant operations.”
That $10 billion line is quite clever: small players get managed within the states, while big players are handled by the federal government. This way, it neither leaves states with nothing to manage, nor allows systemic risk to drift outside the federal view.
But for ordinary users, there’s no immediate direct impact in the short term—you can keep using USDT and USDC as usual. Still, in the medium to long run, the deeper compliance goes, the fewer “gray-area” playbooks there will be, and stablecoins’ “payment tool” role will increasingly outweigh their “speculation tool” role—

Do you think this approach is good or bad? Feel free to leave your thoughts in the comments section ~
#美财政部允许各州提前提交稳定币认证