U.S. Treasury proposes new stablecoin licensing rules under GENIUS Act

The U.S. Department of the Treasury has issued a Notice of Proposed Rulemaking to implement the GENIUS Act, a framework designed to regulate payment stablecoins. Treasury Secretary Scott Bessent stated the department is “moving quickly” to provide regulatory certainty and “cement the role of the U.S. dollar.”

Under the proposed rules, stablecoin issuers will generally be required to obtain a federal or state license starting January 18, 2027. Additionally, by July 18, 2028, digital asset platforms and crypto exchanges will be prohibited from selling stablecoins to U.S. customers unless those tokens are issued by a permitted issuer. The proposal also addresses foreign-issued stablecoins, noting they can only be sold if the issuer complies with U.S. legal orders and regulatory agreements.

The Treasury is seeking public comment over a 60-day period to assess the economic impact and compliance requirements of these rules. The implementation aims to transition stablecoin oversight from a patchwork of regulations to a clear legal structure. The stablecoin market has seen significant growth, with total transaction volumes reaching $33 trillion in 2025, though much of this activity is driven by automated trading rather than direct payments.