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The US Treasury Department has proposed new licensing rules for payment stablecoin issuers under Section 3 of the GENIUS Act, opening another major comment period for digital asset regulation.

The proposed rulemaking was issued on August 18 and published on August 21. Under the proposal, payment stablecoin issuers would need to obtain a federal or state license starting January 18, 2027. By July 18, 2028, digital asset service providers would be prohibited from offering unlicensed stablecoins to US persons.

Public comments are open until October 19, 2026.

This is not active law yet.

The proposal is still in the rulemaking stage, and the details could change after public feedback.

TL;DR

• The Treasury has proposed stablecoin licensing rules under the GENIUS Act.
• Issuers would need a federal or state license starting January 18, 2027.
• Service providers would face restrictions on unlicensed stablecoins from July 18, 2028.

Why Stablecoin Licensing Matters

Stablecoins are now one of the most important parts of crypto markets.

They are used for trading, payments, settlement, remittances, DeFi, exchange liquidity, and dollar access outside the traditional banking system. That makes them too large for regulators to ignore.

A licensing framework would move stablecoin oversight closer to the banking and payments world.

Issuers would need to meet requirements around reserves, supervision, compliance, reporting, and redemption. Service providers would also need to know which stablecoins can be offered to US users.

That could reshape the market.

Federal And State Paths Create Competition

The proposal allows for federal or state licensing.

That detail matters because stablecoin regulation has long involved a tug of war between national oversight and state-level regimes. Some issuers prefer state frameworks. Regulators may prefer a more unified federal approach.

A dual path could give issuers options, but it may also create complexity.

The quality of state supervision, reciprocity, reserve standards, examination authority, and enforcement coordination will all matter.

Stablecoin issuers want clarity. Regulators want control. The proposal tries to create both.

The 2028 Service Provider Deadline Is Important

The July 18, 2028 deadline may be the bigger market lever.

By that date, digital asset service providers would be barred from offering unlicensed stablecoins to US persons. That could affect exchanges, wallets, payment apps, DeFi front ends, custody platforms, and other intermediaries.

If enforced strictly, the rule could push the market toward licensed stablecoins.

Unlicensed issuers may lose access to US-facing distribution channels. Licensed issuers could gain market share. Smaller or offshore stablecoins may face new pressure.

The deadline gives the market time, but it also creates a clear end-state.

This Could Consolidate The Stablecoin Market

Regulation tends to favor scale.

Larger issuers may be better able to absorb compliance costs, maintain reserves, handle audits, and negotiate with service providers. Smaller issuers may struggle if licensing becomes expensive or operationally demanding.

That could consolidate stablecoin market share.

The result may be a safer, more regulated market, but also one with fewer issuers and less experimentation.

This is the core trade-off in stablecoin policy.

What Comes Next

The comment period will matter.

Stablecoin issuers, exchanges, banks, fintechs, consumer groups, and crypto policy organizations are likely to respond. They may challenge definitions, deadlines, licensing standards, service-provider obligations, reserve requirements, and state-federal boundaries.

The Treasury can revise the rule after comments close.

For now, the proposal gives the market a clearer timeline.

Stablecoin issuers may have until early 2027 to secure licenses, while service providers face a later 2028 deadline for offering unlicensed products to US users.

That is still a proposal, but it is one the industry cannot ignore.

This article is based on the Treasury Department’s proposed rulemaking and Federal Register materials related to the GENIUS Act.

This article was written by the News Desk and edited by Samuel Rae.

This report is based on information released in disclosures at primary source documentation.

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