Treasury Issues GENIUS Act Stablecoin Licensing Proposal

The Treasury Department published a proposed rule Friday that spells out enforcement of the GENIUS Act's stablecoin licensing requirement. The law, passed in July 2025, already requires one-to-one reserve backing for dollar-pegged tokens. The new proposal adds detail on when a company needs a license and what counts as offering a stablecoin to U.S. customers. The rules apply to all dollar-pegged stablecoins, including USDT and USDC.

Treasury Secretary Scott Bessent said the goal is to position the U.S. dollar as the anchor for global stablecoin activity. The proposal opens a 60-day comment period. Exchanges and stablecoin issuers can submit feedback before the rule becomes final.

Under the rule, a company must obtain a GENIUS license when it crosses certain thresholds. It also defines what counts as offering or selling a stablecoin to someone in the U.S., a distinction that matters for tokens issued outside the country.