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Stablecoin issuers face July 2028 deadline under GENIUS Act
The GENIUS Act mandates one-to-one backing and monthly disclosure for stablecoin issuers by July 2028, locking out non-US regulated entities.
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President Trump signed the GENIUS Act into law on July 18, 2025. The law, short for Guiding and Establishing National Innovation for U.S. Stablecoins Act, sets a compliance deadline of July 18, 2028 for stablecoin issuers serving US users.
After that date, any payment stablecoin offered to US users must come from a Permitted Payment Stablecoin Issuer, or PPSI, that meets the new federal standards. Those standards require one-to-one reserve backing in US dollars or short-term Treasury securities. Issuers must also publish monthly disclosures of their reserve composition and comply with Bank Secrecy Act anti-money-laundering rules. The Act also bars issuers from claiming or implying that their stablecoins carry US government backing.
To qualify as a PPSI, an issuer must be a federally or state-regulated entity. Bank subsidiaries and state-qualified nonbanks are eligible. Unregulated offshore issuers are not.
Regulators have until July 18, 2026 to finalize implementing rules. The core statutory requirements take effect on January 18, 2027, or 120 days after those rules are published, whichever comes later.