Treasury Proposes Regulatory Framework for GENIUS (payment stablecoin) Licensing and Offering)
Link: https://home.treasury.gov/news/press-releases/sb0605.
Beginning on January 18, 2027, the expected effective date of the GENIUS Act, a person generally may not “issue a payment stablecoin in the United States” unless the person has obtained an appropriate federal or state license. Earlier this summer, Treasury proposed a framework for determining when a state licensing regime was substantially equivalent to the federal framework. It has now proposed the federal framework for governing payment stablecoin issuers and service providers.
Service providers also are generally prohibited from servicing foreign-issued payment stablecoins unless the foreign issuer has the technological capability to comply with, and will comply with, the terms of any lawful order and any reciprocal arrangement between the United States and the issuer’s home jurisdiction. Starting July 18, 2028, service providers without a US license will also generally be prohibited from offering/selling payment stablecoins to persons in the United States.
Why It Matters:
“Today’s NPRM invites the public to offer comments that may be useful for Treasury to consider. Treasury welcomes comments and views from a wide range of stakeholders on the NPRM. The NPRM builds upon the Advance Notice of Proposed Rulemaking that Treasury issued last September seeking public comment on a wide range of matters relating to the implementation of the GENIUS Act.”
Deciphering New Trends in Payments and Asset Tokenization
Link: https://www.imf.org/-/media/files/publications/imf-notes/2026/english/insea2026006.pdf
https://www.pymnts.com/blockchain/2026/tokenization-builds-banks-new-empires-not-kills-them/
The International Monetary Fund issued a report discussing tokenization and its impact on financial markets. Tokenization refers to the process of issuing and transferring assets on blockchain-based infrastructures. The report finds that tokenization is gaining momentum with significant implications for market structure, risk management, and financial stability. The report identifies emerging trends in tokenized finance and examines the policy questions they raise. It analyzes developments in blockchain infrastructure design, architectural configurations allowing for interoperability, and the evolving role of the public sector. It also assesses tokenized deposits and stablecoins as alternative forms of monetary liabilities, highlighting trade-offs related to distribution models, governance, and loss absorption.
The Pymts article explains that tokenization will not kill banks (financial intermediaries) but create new ones. It asserts that the real value of stablecoins lies not with their use as a means of payment, but rather as a means to settle instantly a wide variety of financial transactions.
Why It Matters:
“Over the summer, the IMF published research examining the issue. It said blockchain may automate substantial portions of issuance, clearing, settlement and reporting, while leaving intact the need for accountable institutions capable of exercising judgment and managing stress.
“Firms such as stablecoin issuers, whether crypto-native or TradFi, are not simply software companies that have minted an asset-backed token. These firms must become financial intermediaries responsible for reserves, compliance, redemption, distribution and operational resilience.” – PYMTS
