The U.S. Treasury on August 17, 2026 proposed rules defining when a payment stablecoin is issued, or offered and sold, in the United States. The notice of proposed rulemaking implements section 3 of the GENIUS Act and sets the territorial test that decides who needs a federal license. Comments are due October 19, 2026.

What the proposal covers

Treasury said it is “seeking public comment related to Treasury’s implementation of section 3” of the GENIUS Act, the federal law that licenses payment stablecoin issuers. The department puts license scope at the center of the rule: defining what it means to issue a payment stablecoin in the United States “would provide clarity … when an issuer needs to obtain a GENIUS license,” according to the press release.

Two compliance dates

The proposal is built around two dates drawn from the statute. From January 18, 2027, which Treasury calls the expected effective date of the GENIUS Act, a person generally may not issue a payment stablecoin in the United States unless licensed. From July 18, 2028, digital asset service providers generally may not offer or sell any payment stablecoin to persons in the United States unless a licensed issuer issued it.

What it changes for fintechs and platforms

The territorial test answers two questions at once. It tells an issuer outside the United States whether its activity counts as US issuance, and it tells US distributors whether the coins they list qualify. A wallet, an exchange or a payment app that offers a stablecoin falls under the second date as a digital asset service provider, so a listing decision becomes a licensing decision.

Nothing binds anyone yet. The definitions can change before a final rule, and Treasury asked for comment on them. A team building a stablecoin payment gateway can still map its own flows against the proposed tests, since the answer decides whether the issuer behind a coin, the platform distributing it, or both need a license. Reserve, custody and capital terms sit in the separate rulemakings run by the banking agencies, not in this notice; our stablecoin infrastructure coverage and the stablecoins news archive follow those.

What to watch

  • October 19, 2026, the comment deadline in the Federal Register notice.
  • January 18, 2027, the date from which issuing a payment stablecoin in the United States requires a license.
  • July 18, 2028, the date from which digital asset service providers may offer or sell only a licensed issuer’s stablecoins.