The U.S. Treasury officially implements the stablecoin "GENIUS Act," allowing issuers under $10 billion to choose state-level regulation

The U.S. Department of the Treasury has officially launched the implementation of the stablecoin innovation "GENIUS Act," releasing a proposed rulemaking notice, which is the first implementing regulation of the act, totaling 87 pages, with a public comment period of 60 days.

According to the "GENIUS Act," issuers of payment stablecoins with a total issuance not exceeding $10 billion may choose to accept state-level regulatory frameworks, provided that the state's regulatory framework is "substantially similar" to the federal regulatory framework. The U.S. Department of the Treasury will establish broad principles for determining "substantial similarity" through this notice.