US Treasury Proposes New Regulations for Payment Stablecoins

On August 17, the US Treasury published a proposal under Section 3 of the GENIUS Act, outlining new regulations for the issuance and sale of payment stablecoins. The rules specify that from January 18, 2027, issuing such stablecoins within the United States will require a license, and foreign issuers must meet new standards, including the technical ability to comply with US authorities' directives. The proposal clarifies what constitutes 'issuance' and 'offer or sale' of stablecoins to US users. Additionally, from July 18, 2028, US platforms will be prohibited from offering stablecoins unless their issuers fall into approved categories. This marks a move from regulatory discussion to concrete legal frameworks, potentially impacting major stablecoins like USDT and USDC, as well as foreign issuers. The final rules are expected after public comments and consultations with market participants, shaping the future landscape of stablecoin regulation in the US.