The Treasury wants public input on who can issue stablecoins under the GENIUS Act. A Jan. 18 deadline requires licensing for issuers, with a second restriction in 2028 that could push unlicensed tokens off U.S. platforms.
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The U.S. Treasury Department is asking the public how to implement the GENIUS Act, the stablecoin law President Donald Trump signed last year. The comment request focuses on section 3, which defines who can issue and sell dollar-pegged tokens in the United States.
The law requires every payment stablecoin to be fully backed by cash or short-term Treasuries. That much is settled. The Treasury now needs to spell out the operational details: who qualifies as a licensed issuer, what disclosures are required, and how the one-to-one reserve backing will be audited.
Two deadlines matter. The first hits Jan. 18, when anyone issuing a U.S. stablecoin must hold a license. The second arrives July 18, 2028. After that date, digital asset service providers cannot offer or sell any payment stablecoin to U.S. residents unless the token came from a licensed issuer. That effectively forces exchanges and wallet providers to drop unlicensed tokens from their U.S. platforms.
Treasury Secretary Scott Bessent said the department welcomes input from stablecoin stakeholders. “President Trump and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework,” he said in a statement. “Treasury welcomes input from stakeholders as we work to provide the regulatory certainty businesses need to innovate and grow in America, cement the role of the U.S. dollar as the world’s reserve currency, and keep America the crypto capital of the world.”
Stablecoin issuers including Circle, Paxos, and major crypto exchanges are expected to file responses. The rules will directly affect USDC and other dollar tokens that currently operate under state-by-state money-transmitter licenses rather than a single federal framework.
The Treasury did not set a deadline for comments. The Jan. 18 effective date gives the industry roughly 10 months to prepare for the first wave of restrictions. The 2028 deadline creates a longer runway but a sharper cut-off: after that, any unlicensed stablecoin will be effectively blockable by U.S. service providers.
For context, the Treasury's request follows a similar consultation on stablecoin compliance earlier this year involving Mastercard and Borderless.xyz. The GENIUS Act represents the first comprehensive federal stablecoin legislation, and the comment period will shape how strictly the licensing regime is applied.
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