The US Stablecoin Regulation Enters the Stage of Implementation, Treasury Seeks Comments on Implementation Rules for the GENIUS Act

BlockBeats News, August 17 - The U.S. Treasury Department issued a proposed rulemaking notice regarding the regulatory framework for payment stablecoins under the GENIUS Act Section 3. According to the Act, starting January 18, 2027, any entity issuing a payment stablecoin in the U.S. must obtain a federal or state license; digital asset service providers may not offer foreign-issued payment stablecoins unless the foreign issuer has the technical capabilities to comply with U.S. law and reciprocal arrangements. Starting July 18, 2028, any payment stablecoin provided or sold to U.S. residents must be issued by a licensed issuer. Treasury Secretary Benson stated, "Trump and Congress passed the GENIUS Act, establishing a milestone framework and clear rules for payment stablecoins, and the Treasury Department is rapidly advancing implementation."

The core of this proposed rule lies in defining "issuance of a payment stablecoin in the U.S." and "provision or sale to U.S. residents," clarifying when licensure is required and how to operate compliantly in the U.S. market. The public can submit comments within 60 days after publication in the Federal Register. This rulemaking builds upon the Treasury Department's advance notice issued last September, marking the transition of stablecoin regulation from a framework bill to actionable rules, which will directly impact the compliance path for major stablecoin issuers and trading platforms such as USDC and USDT.