Treasury Has Written the Forms a State Must File to Regulate Its Own Stablecoin Issuers. The Ceiling Is $10 Billion.
Two proposed rules published on 30 September set out how the Stablecoin Certification Review Committee will judge whether a state regime is "substantially similar" to the federal one, and what a state has to send in to be judged.
The short answer
- Treasury has proposed the forms and procedures for the Stablecoin Certification Review Committee, made up of the Treasury Secretary as chair, the Federal Reserve Board Chair or Vice Chair, and the FDIC Chairman.
- A state-qualified payment stablecoin issuer may operate under an approved state regime only if its consolidated total outstanding issuance of payment stablecoins is not more than $10 billion.
- States must file an initial certification by 18 January 2028, one year after the GENIUS Act's effective date of 18 January 2027, and recertify annually thereafter.
- A companion proposal defines what makes a state regime 'substantially similar': some requirements must match the federal standard exactly, others states may calibrate themselves.
The GENIUS Act created two ways to issue a payment stablecoin in the United States: under a federal regulator, or under a state regime that the federal government has certified as close enough to the federal one. On 30 September the Treasury Department published the paperwork for the second route — two proposed rules, one setting out the forms and procedures, the other setting out the standard those forms are judged against.
Who decides
The Stablecoin Certification Review Committee is a three-member body: the Secretary of the Treasury, who chairs it, the Chair of the Federal Reserve Board or the Vice Chair, and the Chairman of the FDIC. It reviews state regulatory regimes for payment stablecoins and decides whether to accept a state's certification.
The $10 billion line
The state route is not open-ended. A state-qualified payment stablecoin issuer may operate under an approved state regime where its consolidated total outstanding issuance of payment stablecoins is not more than $10 billion. Above that figure, the state path is not available.
That single threshold does a lot of work. It makes the state regimes a licensing channel for smaller and newer issuers while reserving the largest ones for federal supervision.
What a state has to file
- An initial certification on the form at Appendix A: a signed attestation, a detailed narrative explaining how the state's framework complies, supporting documentation, and the statutes and regulations themselves.
- An annual recertification on the form at Appendix B, confirming the earlier filing is still accurate and describing any material changes or significant shifts in circumstances, including whether those changes promote safe operation.
Recertifications fall in the calendar quarter that is the anniversary of the state's approval.
What 'substantially similar' means
The companion proposal is the one with teeth. Treasury proposes that a state regime is substantially similar where it bears a close resemblance to the federal framework and meets or exceeds federal standards. For the core prudential requirements, states must achieve parity. Elsewhere they have room to differ.
Must match the federal standard
- One-to-one reserve backing
- Anti-money-laundering and sanctions compliance
- A prohibition on rehypothecation of reserves, with limited exceptions
- Monthly disclosure of reserve composition
States may calibrate
- Capital standards tailored to business models and risk profiles
- Liquidity and reserve-asset diversification standards
- Redemption policies, including discretionary limitations
- Operational and IT risk management frameworks
States may also deviate on procedural and administrative matters. What they may not do is impose requirements that conflict with federal law. Treasury is also explicit about what counts as the federal benchmark: the OCC's regulations as published in the Federal Register, not informal guidance.
The dates
- GENIUS Act enacted: 18 July 2025
- Advance notice of proposed rulemaking published: 19 September 2025
- OCC proposed implementing regulations: 2 March 2026
- These proposals published: 30 September 2026
- Comments on the forms and procedures proposal: 30 November 2026
- GENIUS Act effective: 18 January 2027
- Initial state certifications due: 18 January 2028
Sources
- Forms and Procedures for Review of State Certifications by the Stablecoin Certification Review Committee (91 FR 61688) — U.S. Department of the Treasury / Federal Register
- Notice of Proposed Rulemaking: Principles for Determining Whether a State-Level Payment Stablecoin Regulatory Regime Is Substantially Similar to the Federal Framework — U.S. Department of the Treasury
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- Responsible desk:
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- Published:
- 5 Oct 2026, 05:15 UTC
- Last updated:
- 5 Oct 2026, 05:15 UTC
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