US Treasury Sets 60-Day Comment Window for GENIUS Stablecoin Rules
The U.S. Treasury Department has proposed rules that would define when a payment stablecoin is considered issued, offered or sold in the United States.
The proposal is a key step in implementing the GENIUS Act. It seeks to clarify when stablecoin issuers need a federal or state license and when crypto platforms are considered to be making stablecoins available in the U.S.
Treasury’s notice opens a public-comment period lasting 60 days from its publication in the Federal Register. Treasury Secretary Scott Bessent described the GENIUS Act as “a landmark framework and clear rules of the road for payment stablecoins” and said the department is moving quickly to implement it.
According to Bessent, the goal is to give businesses the regulatory certainty needed to “innovate and grow in America,” while strengthening the global role of the U.S. dollar.
When stablecoin activity falls under U.S. rules
The proposed rule focuses on two legal definitions: what it means to issue a payment stablecoin in the United States and to offer or sell one to a person in the country.
These definitions will determine which companies must comply with the GENIUS Act’s licensing requirements. Beginning January 18, 2027, companies generally will not be allowed to issue payment stablecoins in the U.S. without the appropriate federal or state license. Treasury is now seeking to establish when an issuer crosses that threshold.
The question also affects exchanges and other digital-asset service providers. A platform may operate from abroad but still be considered to offer stablecoins to U.S. customers.
Foreign stablecoins face two deadlines
The GENIUS Act introduces an earlier condition for payment stablecoins issued outside the United States. From January 18, 2027, digital-asset service providers generally will not be allowed to make a foreign-issued payment stablecoin available unless its issuer can comply with lawful U.S. orders and a reciprocal arrangement exists between the United States and the issuer’s home jurisdiction.
A broader restriction takes effect on July 18, 2028. After that date, platforms generally may offer payment stablecoins to U.S. customers only if the assets are issued by a licensed entity. The deadline could determine whether major foreign-issued stablecoins remain available, with USDT among the assets facing questions over future U.S. market access. The impact on overseas companies will depend largely on how Treasury determines whether they are serving the U.S. market.
No immediate change for stablecoin users
The notice does not introduce new reserve requirements, approve individual issuers or direct exchanges to remove specific stablecoins.
Its focus is jurisdiction: when an issuer is operating in the United States and when a platform is serving a U.S. customer. This will be particularly important for companies whose headquarters, issuing entity and users are spread across multiple jurisdictions.
What Treasury wants the industry to address
Treasury is seeking feedback from stablecoin issuers, exchanges, banks, technology providers and the public. Comments will be published on Regulations.gov.
The consultation is expected to examine practical questions such as how platforms determine a user’s location, how stablecoins are distributed and how foreign issuers can comply with U.S. orders.
This is not the final rule. The responses received during the 60-day consultation will help determine which issuers and products can serve U.S. customers once the GENIUS Act’s restrictions take effect.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
