US Treasury’s first GENIUS rule now redraws who controls stablecoins at scale

The US Treasury has introduced its first proposed GENIUS rule, establishing a comprehensive operational architecture for stablecoin governance. By defining when state licensing regimes qualify as “substantially similar” to federal standards, the Treasury is shifting the industry from a fragmented regulatory patchwork toward a nationally coordinated system. The framework mandates strict uniformity for core operations like reserve assets and redemption, while allowing limited flexibility for smaller issuers under a $10 billion cap. Ultimately, the policy positions Washington as the primary authority over stablecoin infrastructure, ensuring that as the market grows toward projected trillions, it remains under federal oversight.

(Source：CryptoSlate)