Treasury Opens 60-Day Comment Window on GENIUS Act Stablecoin Rule

Only payment stablecoin issuers with no more than 10 billion dollars outstanding can remain under state supervision, and only if their state’s rules meet a new federal “substantially similar” test. The U.S. Treasury announced the notice of proposed rulemaking in an April 1 press release inviting comment, and the April 3 publication in the Federal Register, 91 FR 16844, started a 60-day clock that runs through June 2, 2026.

$10B issuance cap defines who can rely on state oversight

Treasury’s draft standard confirms a clear ceiling: state-qualified payment stablecoin issuers with consolidated total outstanding issuance of not more than 10,000,000,000 dollars may opt for state regulation if their state regime is deemed “substantially similar.” That threshold draws a bright operational line around which firms could use the state-level pathway contemplated by the GENIUS Act. The cap appears in the NPRM text that accompanies Treasury’s proposal. NPRM PDF.

Because the standard hinges on consolidated issuance, not just a single token or affiliate, the 10 billion dollar figure functions as a gating criterion for corporate groups as well as standalone issuers. The proposal does not list which firms meet or fail this test, and it does not attempt to pre-clear any state’s framework.

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