The U.S. Department of the Treasury has submitted a draft rule to implement the GENIUS Act, which became the first federal law on payment stablecoins. The document published by the agency is devoted to the practical implementation of the third section of this act and defines exactly how the regime established by the law for stablecoins intended for payments and settlements will work. The law was signed in July 2025 and established a federal regulatory framework for the issuance of payment stablecoins in the country. Now the ministry is moving from legislative principles to specific requirements for market participants. The proposed rules address the definition of a payment stablecoin, the procedure for its issuance and offering, as well as issues of jurisdiction and supervision. Essentially, the regulator determines which companies will be able to work with such assets under the new regime.

The GENIUS Act sets out strict requirements for the backing of payment stablecoins. They must be backed by reserves in a one‑to‑one ratio, and the list of permissible assets is limited to highly liquid instruments, including US dollars, bank deposits, and short‑term Treasury bonds. The law also provides for the regular disclosure of information about reserves and independent verification of the data. The key objective of regulation is to ensure that users can redeem stablecoins at their face value and to reduce risks to the financial system. At the same time, the new rules do not imply the introduction of state insurance for such assets. The head of the Federal Deposit Insurance Corporation previously stated separately that owners of stablecoins will not receive protection similar to that provided for bank deposit insurance.

The published document is still a draft, not final rules. The U.S. Department of the Treasury has opened a call for comments from market participants and other interested parties. The current initiative is another stage in the implementation of the GENIUS Act. In April, the agency already proposed rules concerning the interaction between the federal regime and the regulation of stablecoins at the state level. The deadline established by current legislation for the issuance of regulatory frameworks to implement the law expired on July 18. At the same time, the regulatory regime must be fully operational no later than 120 days after the publication of the final rules.