The US Treasury Department has proposed GENIUS Act rules that could bar digital asset service providers from offering offshore payment stablecoins to Americans after July 18, 2028. The implementation would be split into two phases: the general regime takes effect on January 18, 2027, and the wider service-provider restriction arrives on July 18, 2028. Offshore tokens could continue to circulate on blockchains and between private wallets, but regulated platforms would need to verify an issuer’s legal status before offering them. Tether, whose USDT has a market cap of approximately $183 billion, would need to seek qualifying foreign issuer status or direct US users toward USA₮, its domestically regulated token. Treasury is accepting comments until October 19 and acknowledges the rules could make the market more concentrated with reduced consumer choice.
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