Treasury Issues First GENIUS Act Rule on State Stablecoins

The U.S. Treasury has published the first operational rule under the GENIUS Act, setting the forms and procedures states must use to have their payment-stablecoin regimes certified as “substantially similar” to the federal framework. It took effect on publication; comments are due 30 November 2026.

Acting for the interagency Stablecoin Certification Review Committee, Treasury issued the interim final rule in the Federal Register on 30 September 2026. The rule took effect on publication, but Treasury will not accept certifications until the associated information collection clears Paperwork Reduction Act review.

The stakes are concrete: state-qualified issuers with up to $10 billion in outstanding payment stablecoins can opt into state regulation once their state’s regime is certified “substantially similar” to the federal framework. That “substantially similar” determination becomes the hinge of the dual federal/state oversight path the GENIUS Act created.

For compliance and legal teams at stablecoin issuers and their bank partners, the near-term task is to track whether the relevant state regulator intends to seek certification and to weigh a comment on the forms and procedures before the 30 November window closes.