US sets out rules for stablecoins: licence required from 2027

The U.S. Department of the Treasury has published proposed rules for implementing the GENIUS Act, the law governing the issuance and sale of payment stablecoins in the U.S. From January 18, 2027, a federal or state licence will be mandatory for anyone wishing to issue a payment stablecoin in the U.S. Foreign stablecoins will be subject to additional requirements. The public will have 60 days to respond to the proposals.

Key points:

• From January 18, 2027, a licence will be required to issue a payment stablecoin in the U.S.
• From July 18, 2028, digital asset providers may offer only stablecoins from licensed issuers to U.S. users.
• The Treasury Department requests public comments within 60 days of publication in the Federal Register.

Two deadlines for market participants

The proposed rules stem from section 3 of the GENIUS Act, formally the Guiding and Establishing National Innovation for U.S. Stablecoins Act. According to the Treasury Department’s press release, the new rulemaking clarifies when an issuer needs a licence and when foreign stablecoins may be offered on the U.S. market.

Two concrete effective dates apply. From January 18, 2027, no one may issue a payment stablecoin in the U.S. without an appropriate federal or state licence. A year and a half later, on July 18, 2028, a second requirement takes effect: digital service providers may then only offer payment stablecoins to U.S. users if they have been issued by a licensed party.

For foreign issuers, their stablecoins must moreover be technically capable of complying with U.S. court orders and any reciprocity arrangements between the U.S. and the issuer’s country of origin.

Comments welcome, including from foreign parties

Treasury Secretary Scott Bessent says the department is working quickly on implementing the law. He indicates that the GENIUS Act is intended to strengthen the dollar’s position as the world’s reserve currency and confirm the U.S. as the crypto capital of the world. These are objectives he formulates on behalf of the Trump administration, not established outcomes.

With this proposal, the department builds on an earlier consultation round held last September. At that time, public comments were already sought on a wide range of topics surrounding the implementation of the GENIUS Act. The new consultation round focuses more specifically on the implementing rules themselves.

Stakeholders, including market participants and providers already active in the stablecoin market, can submit their comments within 60 days of publication in the Federal Register via regulations.gov. All submitted comments are publicly available.