The US Treasury Department has proposed new licensing rules for payment stablecoin issuers under Section 3 of the GENIUS Act. Issuers would need to obtain a federal or state license starting January 18, 2027, with a public comment period open until October 19, 2026. By July 18, 2028, digital asset service providers would be prohibited from offering unlicensed stablecoins to US persons. This proposal is not yet active law and its details could change after the comment period. The framework could reshape the market by favoring licensed issuers and putting pressure on smaller or offshore stablecoins.
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