Your cousin lives in Houston. Every month, he buys stablecoins on a U.S. platform to send money to family in Kayes or Kaolack. A rule being drafted in Washington could change the list of stablecoins he is allowed to buy there. The public comment period ends today, October 19, 2026.

📋 The facts

• On August 18, 2026, the U.S. Treasury published a proposed rule in the Federal Register to implement Section 3 of the GENIUS Act, the U.S. law on payment stablecoins (docket TREAS-DO-2026-0496).

• Public comments are being accepted until October 19, 2026. The proposal asks the industry 87 questions.

• Key point: starting July 18, 2028, a platform (exchange, broker, or custodian) could no longer sell a stablecoin to someone located in the United States unless it was issued by an authorized issuer.

• Exception: a foreign issuer may remain accessible if its country has a regulatory framework deemed “comparable” by the Treasury and it is registered with the OCC, the federal banking regulator.

• Another rule already applies to foreign issuers as soon as the law takes effect, which the Treasury expects on January 18, 2027: they must be able to carry out lawful U.S. orders, for example, to freeze tokens.

🧠 How it works, in plain English

A payment stablecoin is a digital token designed to always be worth $1, backed by reserves. The GENIUS Act aims to ensure that stablecoins sold to Americans are issued by supervised companies and backed by verified reserves. The Treasury proposal clarifies who is “located in the United States”:

• a person physically present in the United States, except a nonresident who is just visiting (a tourist, for example);

• a company incorporated in the United States or whose principal place of business is there.

The law also has an extraterritorial effect: a foreign platform that sells to people located in the United States is covered.

👤 Example: Salif, in Houston (a fictional character)

Salif repairs air conditioners and sends $300 a month to his mother in Mali. Today, he buys stablecoins through a U.S. app, then sends them to his cousin, who converts them into CFA francs.

• If the stablecoin he uses does not have the right status in 2028, his app may no longer be able to sell it to him.

• He could then switch to an authorized stablecoin, such as one issued by a company regulated in the United States.

• In Mali, his mother is not “located in the United States.” The rule does not directly apply to her.

✅ What the proposal does not cover

The law excludes three cases:

• a direct transfer between two individuals, without an intermediary;

• a transfer between two accounts belonging to the same person, one in the United States and the other abroad, held with the same group;

• using a software or hardware wallet that you control yourself (self-custody).

In other words, the rule mainly targets platforms, not the act of holding a stablecoin.

⚖️ The nuances

• This is a proposal. The final text may change after the comment period.

• The Treasury has not yet published a list of countries with a “comparable” regulatory framework. No one knows yet which foreign issuers will pass the test.

• For $USDT, which is widely used in Africa and issued outside the United States, everything will depend on its status. For $USDC, the issuer Circle is American.

• A stablecoin is not an insured bank account. An issuer may freeze tokens when ordered to do so by an authority.

• For a user in Dakar or Abidjan, the impact will be indirect: major global platforms often adjust their offerings everywhere to simplify compliance.

🔭 Why this matters for Africa

Dollar stablecoins are increasingly used to send money and pay suppliers. Rules written in Washington will influence which tokens remain easy to buy, at what price, and on which platforms. The digital dollar is becoming a regulatory issue, not just a technological one.

💬 What about you? If your favorite stablecoin were no longer available in the United States tomorrow, would you switch to another one, or use P2P more? Tell us in the comments.

Not financial or legal advice. Sources: Federal Register, Treasury proposed rule “GENIUS Act Regulations on Payment Stablecoin Issuance, Offer, and Sale” (August 18, 2026; comments due by October 19, 2026).