US Agencies Miss GENIUS Act Stablecoin Rule Deadline

Stablecoins typically maintain their value through assets denominated in U.S. dollars and have become an important dollar channel for crypto trading and cross-border payments. The United States signed the GENIUS Act into law on July 18, 2025, establishing a federal issuance framework for the first time. It requires every $1 token to be backed by at least $1 in eligible reserve assets. Stablecoins, however, are not bank deposits and are not covered by FDIC deposit insurance.

The FDIC board approved a proposed rule on April 7, 2026, and published it in the Federal Register on April 10. The proposal would require issuers under its supervision to meet standards covering reserve assets, redemption within two business days, capital, risk management and custody. The OCC issued its own proposal on February 25, followed by customer identification rules proposed by five federal agencies on June 18. Final rules had yet to be issued by the July 18 statutory deadline.

U.S. President Donald Trump signed the GENIUS Act into law on July 18, 2025, creating the first federal framework for payment stablecoins, with requirements covering reserves, redemptions and anti-money-laundering controls. The law also preserves a state regulatory pathway. Issuers with aggregate circulation of no more than $10 billion may opt for state oversight if the state regime is substantially similar to the federal framework and receives approval from the Stablecoin Certification Review Committee.

The U.S. Treasury Department proposed its first implementing rules on April 1, 2026, setting out principles for assessing whether state regimes are substantially similar to the federal framework. The proposal was published in the Federal Register on April 3, opening a 60-day comment period that ran through June 2. On June 16, a bipartisan group of senators including Cynthia Lummis again urged the Treasury to specify the process and timeline for states to seek certification on an ongoing basis, preventing state oversight from being rendered ineffective.

Stablecoin regulation is in focus as the U.S. Congress returns. The GENIUS Act seeks to establish a federal regulatory framework whose rules will shape issuers' reserve-asset quality, yield distribution and compliance obligations. The framework will also affect the market strategies of banks, payment providers and cryptocurrency companies.

The public comment period for the GENIUS Act's stablecoin rules concluded in the first week of June, while the U.S. Senate is expected to make another push on the Clarity Act on June 3. As the regulatory process accelerates, global stablecoin circulation reached a record $322 billion at the end of May.

US President Donald Trump signed the GENIUS Act on July 18, 2025, establishing the first federal regulatory framework for payment stablecoins. The law covers issuer eligibility, reserve assets and redemption mechanisms. It takes effect on the earlier of 120 days after final rules are issued or 18 months after enactment. The consistency of rules across agencies will shape competition between banks and crypto companies.

On April 21, 2026, groups including the American Bankers Association and the Bank Policy Institute wrote to the Treasury Department, the Federal Deposit Insurance Corporation, FinCEN and OFAC. They asked the agencies to wait until the Office of the Comptroller of the Currency completes its issuer rules and then allow a comment period of at least 60 days. The banking groups said the three rules are interdependent and warned that finalizing them simultaneously could create inconsistent standards and enforcement conflicts.