The GENIUS Act, enacted on July 18, 2025, created the first comprehensive federal framework for payment stablecoin issuance in the US. Now, with follow-up proposals rolling in from the Office of the Comptroller of the Currency and the New York Department of Financial Services, the regulatory picture is coming into sharper focus.

What the new rules actually require

The GENIUS Act’s core requirement is straightforward: issuers must maintain 1:1 reserves in permitted assets like cash and short-term Treasuries. Those reserves must be reported monthly, and stablecoins must be redeemable at par value.

In April 2026, the OCC and Treasury proposed initial rules focusing on issuer licensing, mandatory audits, and creating alignment between federal and state regulatory regimes.

Then on June 9, 2026, the NY DFS released its own proposed regulations designed to harmonize New York’s existing state standards with the GENIUS Act. The NY DFS proposal incorporates enhanced risk-management protocols while staying within the broader federal framework.

Blockchain stocks benefit from regulatory clarity

Circle Internet Group, the issuer of USDC, indicated in a January 2026 report that regulated stablecoins are key components of the emerging internet financial system.

Coinbase reported in Q1 2026 that over 25% of USDC circulation was held on its platform. Base, Coinbase’s layer-2 network, processed 62% of global on-chain stablecoin volume.

The global picture and what it means for investors

The EU’s Markets in Crypto-assets regulation, known as MiCA, established its own requirements for full reserve backing and licensed issuance. The fact that both the US and EU landed on similar principles means stablecoin issuers can build products that work across major markets without fundamentally restructuring their operations for each jurisdiction.

Forecasts suggest the total stablecoin market cap could reach approximately $1.2 trillion by the end of 2028, driven largely by increasing adoption in payments use cases.

Regulatory proposals from the OCC and NY DFS are still in the proposal stage, meaning final rules could look different from what’s been outlined.