Treasury just dropped the rulebook on how stablecoin issuers will comply with the GENIUS Act—and it's getting specific.
Key dates:
• Jan 18, 2027: No issuing payment stablecoins in the US without federal/state authorization
• July 18, 2028: Platforms can't offer/sell non-compliant stablecoins to US users
What counts as "issued in the US"?
• Issuer is US-based, OR
• Stablecoin is issued to someone physically in the US
Foreign issuers can dodge US rules IF they:
• Reasonably believe recipients are offshore
• Have controls to block US users
• Don't target US users via ads or solicitation
Platforms offering stablecoins to US users?
• Must verify the stablecoin is from a permitted issuer or qualifying foreign issuer
• Helping users bypass geo-blocks = violation
• Safe harbor if you have reasonable controls + don't target US users
Treasury is asking for feedback on edge cases:
• Airdrops
• Wrapped tokens
• Blockchain bridges
• Market makers
• Transfers to exchanges/LPs
This is part of a bigger rollout. FinCEN and OFAC already proposed AML/sanctions rules for stablecoin issuers back in April.
The GENIUS Act mandates 1:1 reserve backing using cash, deposits, and short-term Treasuries. No more funny business.
Comments open for 60 days after Aug 18. If you're building in stables or running a platform, this is your window to weigh in before the rules lock in.
Key dates:
• Jan 18, 2027: No issuing payment stablecoins in the US without federal/state authorization
• July 18, 2028: Platforms can't offer/sell non-compliant stablecoins to US users
What counts as "issued in the US"?
• Issuer is US-based, OR
• Stablecoin is issued to someone physically in the US
Foreign issuers can dodge US rules IF they:
• Reasonably believe recipients are offshore
• Have controls to block US users
• Don't target US users via ads or solicitation
Platforms offering stablecoins to US users?
• Must verify the stablecoin is from a permitted issuer or qualifying foreign issuer
• Helping users bypass geo-blocks = violation
• Safe harbor if you have reasonable controls + don't target US users
Treasury is asking for feedback on edge cases:
• Airdrops
• Wrapped tokens
• Blockchain bridges
• Market makers
• Transfers to exchanges/LPs
This is part of a bigger rollout. FinCEN and OFAC already proposed AML/sanctions rules for stablecoin issuers back in April.
The GENIUS Act mandates 1:1 reserve backing using cash, deposits, and short-term Treasuries. No more funny business.
Comments open for 60 days after Aug 18. If you're building in stables or running a platform, this is your window to weigh in before the rules lock in.