Key takeaways
- Treasury published an interim final rule on September 30, 2026. It is the first GENIUS Act rule that is binding, and it took effect immediately.
- It sets the procedures the Stablecoin Certification Review Committee (Treasury Secretary, Federal Reserve Chair, FDIC Chair) will use to decide whether a state regime is "substantially similar" to the federal framework.
- Only issuers with $10 billion or less in outstanding stablecoins can choose a state regime. Above that, they must move to federal supervision within 360 days unless they obtain a waiver.
- States can certify until January 18, 2028, even with a conditional filing.
- Comments on the rule are open until November 30, 2026. Separately, comments on Treasury's August proposal close on October 19, 2026.
Why this rule matters
Under the GENIUS Act, a US payment stablecoin issuer can be licensed in two ways: at the federal level (OCC and the other federal banking agencies) or under a state regime. The state route is only open if that state's rules are certified as "substantially similar" to the federal framework. Until now, nobody knew how that certification would actually work. This rule sets the process.
Because it is an interim final rule, it applied as soon as it was published in the Federal Register (document 2026-19966). Treasury is still accepting comments and can amend it later.
What the rule sets out
- Certification forms and attestations that a state must submit to the Committee.
- Recertification: when and how a state has to certify again, including after a "material change" to its rules.
- An opportunity to cure: a state can fix deficiencies before its certification is denied.
- Denial and appeal procedures if the Committee rejects a state regime.
One practical point: Treasury will only start accepting certifications once the forms are approved under the Paperwork Reduction Act. The criteria the Committee will use to judge "substantial similarity" come from a separate proposal that is not yet final.
The $10 billion line
The rule applies the threshold set by the GENIUS Act itself. An issuer whose consolidated stablecoins outstanding stay at $10 billion or less may choose state supervision, provided its state regime is certified. An issuer that goes above $10 billion must move to the federal framework within 360 days, unless it obtains a waiver. In practice, the largest dollar stablecoins will be supervised at the federal level, while smaller and new issuers can choose between a state license and a federal one.
What it means for you
| If you are… | Action now |
|---|---|
| A new or smaller issuer | Compare the state route with the federal route: timing, cost, and how quickly your state is likely to be certified. Check how close your growth plan takes you to $10 billion. |
| An issuer near $10 billion | Plan the 360-day move to federal supervision now, or decide whether to apply for a waiver. |
| A state-licensed money transmitter | Follow your state regulator's certification plans. Conditional filings mean some states may move early. |
| An exchange, wallet or bank partner | Check whether each stablecoin you support is licensed under a state or federal regime. This matters for the due diligence Treasury proposed in August. |
Two comment deadlines to keep in mind
- October 19, 2026: Treasury's August proposal on when a stablecoin is "issued in the United States" (our summary).
- November 30, 2026: this interim final rule on certifying state regimes.
Both are filed on regulations.gov. Comments are public, so leave out confidential information.
What happens next
The GENIUS Act takes effect on January 18, 2027 at the latest. Over the coming months, watch for the final criteria for "substantial similarity", the first state filings, and the final federal licensing rules. We will update our licensing guide as each piece is finalized.
Federal Register document 2026-19966, Stablecoin Certification Review Committee interim final rule (September 30, 2026); ABA Banking Journal, "New rule establishes procedures for reviewing state stablecoin regulations" (September 2026); GENIUS Act (S.1582), section 4; Treasury GENIUS Act section 3 proposed rule (Federal Register, August 18, 2026). This article is general information, not legal advice.