The Stablecoin Legislative Map

Licensing

Three paths to permitted payment stablecoin issuer status: subsidiary of an insured depository institution, OCC federal-qualified nonbank issuer, or state-qualified issuer below $10B outstanding. Crossing $10B forces OCC notice within 5 business days and transition to federal oversight within 360 days, a waiver, or a halt on new issuance.— GENIUS Act §§ 4–5, Pub. L. 119-27 · Public Law 119-27 (GovInfo) · retrieved 2026-08-29

State pathway

A state regime qualifies its sub-$10B issuers only if Treasury's Stablecoin Certification Review Committee certifies the state's regulatory regime as substantially similar to the federal framework, with recertification on an ongoing basis. Treasury has proposed principles for making that determination.— GENIUS Act § 4(c), Pub. L. 119-27; Treasury proposed § 4(c) principles · Treasury NPRM: GENIUS § 4(c) principles (PDF) · retrieved 2026-08-29

Reserves

Closed list under § 4(a)(1)(A): cash, insured demand deposits, Treasuries with 93 days or less remaining maturity, 7-day Treasury repos, Rule 2a-7 government money market funds, and regulator-approved similar assets, plus tokenized forms of the same. 1:1 minimum, bankruptcy remote, no rehypothecation. Commercial paper, longer Treasuries, gold, and digital assets are excluded.— GENIUS Act § 4(a)(1)(A), Pub. L. 119-27 · Public Law 119-27 (GovInfo) · retrieved 2026-08-29

Attestation

Monthly examination-level attestation of reserve reports by a PCAOB-registered public accounting firm. The CEO and CFO personally certify reserve reports under criminal penalty (18 U.S.C. 1350(c)). Issuers above $50B outstanding additionally need annual GAAP financial statements audited under PCAOB standards.— GENIUS Act § 4(a)(10)–(11), Pub. L. 119-27; 18 U.S.C. 1350(c) · GENIUS Act, S. 1582 (Congress.gov) · retrieved 2026-08-29

Redemption

Timely redemption at par under published redemption policies. Reserve assets are excluded from the bankruptcy estate; courts must begin holder distributions within 14 days of an expedited stay-relief motion.— GENIUS Act §§ 4, 11, Pub. L. 119-27 · Public Law 119-27 (GovInfo) · retrieved 2026-08-29

Yield

Paying holders any interest or yield for holding or using the stablecoin is prohibited. The OCC's proposed implementing rule would extend the prohibition to affiliates and coordinated third-party arrangements.— GENIUS Act § 4(a)(11), Pub. L. 119-27; proposed 12 CFR 15 · OCC NPRM, FR Doc. 2026-04089 (Federal Register) · retrieved 2026-08-29

Capital & liquidity

The OCC's proposed 12 CFR 15: $5M minimum capital during a 3-year de novo period, tiered liquidity (10% same-day, 30% within five days, 60% standard qualifying assets), and a separate wind-down reserve covering 12 months of operating expenses. Proposed, not final.— Proposed 12 CFR 15 (OCC), FR Doc. 2026-04089 · OCC NPRM, FR Doc. 2026-04089 (Federal Register) · retrieved 2026-08-29

AML / BSA

Permitted issuers are Bank Secrecy Act financial institutions: AML/CFT program, OFAC sanctions screening, customer identification, and suspicious activity reporting, with the operational detail set in proposed Treasury, FinCEN, and banking-agency rules tracked below.— GENIUS Act § 4(a)(5), Pub. L. 119-27; FR Doc. 2026-06963 · Treasury/FinCEN/OFAC NPRM, FR Doc. 2026-06963 (Federal Register) · retrieved 2026-08-29

The statute set July 18, 2026 as the deadline for implementing regulations, with the framework effective 120 days after final rules or January 18, 2027, whichever comes first. The deadline passed with every rule below still at the proposal stage; none is final as of the retrieval date. — Coverage of the missed rulemaking deadline (Jul 2026) · retrieved 2026-08-29

Scope

Applies to entities licensed under the BitLicense regulation (23 NYCRR Part 200) or chartered as New York limited purpose trust companies that issue USD-backed stablecoins under DFS supervision.— 23 NYCRR Part 200; DFS stablecoin guidance (Jun 8, 2022) · NYDFS stablecoin guidance · retrieved 2026-08-05

Reserves

Full 1:1 backing with reserve market value at or above outstanding tokens as of the end of each business day. Eligible assets: U.S. T-bills, Treasury-collateralized reverse repos, government money market funds, and deposits at U.S. state or federally chartered depository institutions. Segregated from proprietary assets.— DFS stablecoin guidance § Backing (Jun 8, 2022) · NYDFS stablecoin guidance · retrieved 2026-08-05

Attestation

Monthly attestation of reserves by an independent CPA licensed in the U.S., applying AICPA attestation standards. PCAOB registration is not required, which the GENIUS Act later added at the federal level.— DFS stablecoin guidance § Attestation (Jun 8, 2022) · NYDFS stablecoin guidance · retrieved 2026-08-05

Redemption

Redemption policy approved in advance in writing by DFS, with timely redemption at par, no later than two full business days after a compliant redemption order.— DFS stablecoin guidance § Redeemability (Jun 8, 2022) · NYDFS stablecoin guidance · retrieved 2026-08-05

Supervision

Active supervision through examinations and enforcement authority under the banking law. The DFS Greenlist pre-approves specific coins for listing by licensees.— N.Y. Banking Law; DFS Greenlist framework · NYDFS stablecoin guidance · retrieved 2026-08-05

Licensing

E-Money Tokens (single fiat peg) require an existing EMI or credit institution license plus a compliant white paper notified to the home regulator. Asset-Referenced Tokens (baskets) require standalone authorization, typically 6 to 12 months. Full CASP licensing enforced from Jul 1, 2026.— Regulation (EU) 2023/1114, Titles III–IV · MiCA full text (EUR-Lex) · retrieved 2026-08-05

Reserves

Reserves at or above tokens in circulation, segregated from issuer assets. At least 30% in EU credit institution deposits for non-significant EMTs, rising to 60% for significant EMTs, with concentration caps per bank (25% non-significant, 10% significant across at least six banks).— Regulation (EU) 2023/1114, Art. 36 and 54–58 · MiCA full text (EUR-Lex) · retrieved 2026-08-05

Disclosure

Monthly public disclosure of reserve composition. The engagement type behind the disclosure is less prescriptive than the GENIUS Act's PCAOB examination requirement.— Regulation (EU) 2023/1114, disclosure provisions · MiCA official summary (EUR-Lex) · retrieved 2026-08-05

Redemption

Holders have a permanent right of redemption at par, on demand and free of charge, against the issuer.— Regulation (EU) 2023/1114, Art. 49 · MiCA full text (EUR-Lex) · retrieved 2026-08-05

Yield

Interest to holders is prohibited for both EMTs and ARTs.— Regulation (EU) 2023/1114, Art. 50 · MiCA full text (EUR-Lex) · retrieved 2026-08-05

Usage caps

Significant EMTs denominated in a non-EU currency face a hard cap when used as a means of exchange: 1 million transactions or EUR 200M per day within the EU.— Regulation (EU) 2023/1114, Art. 58 · MiCA full text (EUR-Lex) · retrieved 2026-08-05

Structure

Two tiers: the FCA regulates all UK-issued qualifying stablecoins from Oct 2027; where HM Treasury designates a coin systemic, the Bank of England adds prudential oversight under a Code of Practice. No issuer authorized yet.— FSMA 2023 framework; FCA CP25/14; draft BoE Code · FCA CP25/14 · retrieved 2026-08-05

Reserves (systemic)

Draft BoE Code (Jun 2026, consultation closes Sep 22, 2026): at least 70% of backing in short-dated UK gilts with a step-up to 95%, minimum 5% in unremunerated BoE deposits, plus a financial-risk reserve of at least 0.5% of fair value.— Draft BoE Code of Practice for sterling systemic stablecoins (Jun 2026) · BoE policy statement and draft Code · retrieved 2026-08-05

Backing & custody (FCA)

CP25/14 proposes full backing at all times in secure, liquid assets held on statutory trust for holders, custodied with an independent third party outside the issuer's group, with per-product segregation.— FCA CP25/14 · FCA CP25/14 · retrieved 2026-08-05

Issuance cap

Temporary GBP 40B total issuance cap per systemic stablecoin. Earlier per-holder limits were dropped after consultation.— Draft BoE Code of Practice (Jun 2026) · BoE policy statement and draft Code · retrieved 2026-08-05

Capital

CET1-style requirement: the greater of six months of operating expenses or the cost of recovering from the largest plausible loss event.— Draft BoE Code of Practice (Jun 2026) · BoE policy statement and draft Code · retrieved 2026-08-05

Licensing

Major Payment Institution license under the Payment Services Act 2019 for single-currency stablecoins pegged to SGD or a G10 currency issued in Singapore. The MPI threshold applies above S$5M outstanding.— Payment Services Act 2019 (Singapore); MAS SCS framework · MAS media release (Aug 15, 2023) · retrieved 2026-08-05

Reserves

100% backing in cash, cash equivalents, or debt securities with three months or less remaining maturity issued by the government or central bank of the peg currency. Segregated and held with MAS-approved custodians.— MAS SCS framework (Aug 2023) · MAS media release (Aug 15, 2023) · retrieved 2026-08-05

Attestation

Monthly independent checks on reserves plus an annual audit, applying Singapore (ISCA) standards.— MAS SCS framework (Aug 2023) · MAS media release (Aug 15, 2023) · retrieved 2026-08-05

Redemption

Redemption at par within five business days of a request.— MAS SCS framework (Aug 2023) · MAS media release (Aug 15, 2023) · retrieved 2026-08-05

Capital

Minimum S$1M or 50% of annual operating expenses, whichever is higher, plus liquid assets sufficient for an orderly wind-down.— MAS SCS framework (Aug 2023) · MAS media release (Aug 15, 2023) · retrieved 2026-08-05

Label

Only issuers meeting all SCS requirements may market their tokens as 'MAS-regulated stablecoins', a formal regulatory quality mark.— MAS SCS framework (Aug 2023) · MAS media release (Aug 15, 2023) · retrieved 2026-08-05

Licensing

Fiat-pegged stablecoins are 'electronic payment instruments' under the amended Payment Services Act. Three issuer tiers: banks, trust companies, and licensed funds transfer providers. Type II transfer licenses carry a JPY 1M per-transaction cap.— Payment Services Act (Japan), as amended Jun 2023 · FSA (Japan) English portal · retrieved 2026-08-05

Reserves

100% backing in segregated or trust structures. A 2025 amendment lets trust issuers hold up to 50% of backing in short-term Japanese Government Bonds; the remainder stays in bank deposits.— Payment Services Act (Japan), 2025 amendment · FSA discussion paper (Apr 2025, PDF) · retrieved 2026-08-05

Reconciliation

Daily reconciliation of on-chain supply against backing assets, with audit expectations varying by license tier.— Payment Services Act (Japan) framework · FSA (Japan) English portal · retrieved 2026-08-05

Foreign pathway

From Jun 1, 2026, amended Cabinet Office Ordinances recognize foreign trust-type stablecoins as electronic payment instruments where the home regime is equivalent on licensing, audit, AML, and reserves, distributed via licensed Japanese intermediaries.— Cabinet Office Ordinances under the PSA (Jun 2026) · FSA (Japan) English portal · retrieved 2026-08-05

Licensing

HKMA license required to issue fiat-referenced stablecoins in Hong Kong, or HKD-referenced stablecoins anywhere in the world. First two licenses granted Apr 2026 out of 36 applications (5.6% approval rate).— Stablecoins Ordinance (HK); HKMA licensing regime · HKMA: regulatory regime for stablecoin issuers · retrieved 2026-08-05

Reserves

100% backing in high-quality liquid assets held in segregated accounts, separate from the issuer's own assets.— Stablecoins Ordinance (HK); HKMA supervisory guidelines · HKMA press release (Jul 29, 2025) · retrieved 2026-08-05

Capital

Minimum HK$25M paid-up capital (about US$3.2M) plus a local Hong Kong presence.— Stablecoins Ordinance (HK) · HKMA: regulatory regime for stablecoin issuers · retrieved 2026-08-05

Redemption

Prompt redemption at par; the Ordinance does not fix a specific window.— Stablecoins Ordinance (HK) · HKMA: regulatory regime for stablecoin issuers · retrieved 2026-08-05

AML & governance

Full AML/CFT compliance under the HKMA's dedicated guideline for licensed stablecoin issuers, plus supervision guidelines covering reserve management, risk controls, and governance.— HKMA AML/CFT guideline for licensed stablecoin issuers · HKMA press release (Jul 29, 2025) · retrieved 2026-08-05

Structure

Four regulators: CBUAE is the exclusive regulator for AED-pegged payment tokens; VARA covers non-AED stablecoins in Dubai mainland; ADGM's FSRA and DIFC's DFSA run their own regimes. Peg currency and zone determine which framework applies.— CBUAE Payment Token Services Regulation (2024) · CBUAE PTSR rulebook · retrieved 2026-08-05

Licensing

The CBUAE Payment Token Services Regulation covers three licensed activities: payment token issuance, conversion, and custody/transfer.— CBUAE PTSR, licensed activities · CBUAE PTSR rulebook · retrieved 2026-08-05

Reserves

100% backing required under each framework, with composition detail and custody arrangements varying by regulator. ADGM finalized its fiat-referenced token rulebook effective Jan 1, 2026.— CBUAE PTSR; ADGM FSRA fiat-referenced token rules (2026) · CBUAE PTSR rulebook · retrieved 2026-08-05

Attestation

Independent attestation of reserves required under each framework, with specifics set per regulator.— CBUAE PTSR; zone rulebooks · CBUAE PTSR rulebook · retrieved 2026-08-05

Yield

Treatment of yield-bearing structures varies by zone; ADGM's regime has permitted structures the U.S. and EU frameworks prohibit.— ADGM FSRA rulebook; GENIUS Act § 4(a)(11); MiCA Art. 50 · CBUAE PTSR rulebook · retrieved 2026-08-05

Licensing

Digital Asset Business Act license from the BMA, with dedicated Single Currency Pegged Stablecoin guidance (Nov 2024). Operating without a license is a criminal offense: up to $250K in fines and/or five years imprisonment.— Digital Asset Business Act 2018 (Bermuda); BMA SCPS Guidance (Nov 2024) · BMA SCPS Guidance (PDF) · retrieved 2026-08-05

Reserves

Full backing in high-quality liquid assets with bankruptcy-remote structuring, regular stress testing, and due diligence over market makers.— BMA SCPS Guidance (Nov 2024) · BMA SCPS Guidance (PDF) · retrieved 2026-08-05

Attestation

Independent monthly attestation of reserves under the BMA's guidance.— BMA SCPS Guidance (Nov 2024) · BMA SCPS Guidance (PDF) · retrieved 2026-08-05

Wind-down

Mandatory wind-down plans covering an orderly exit, including holder redemption through the wind-down period.— BMA SCPS Guidance (Nov 2024) · BMA SCPS Guidance (PDF) · retrieved 2026-08-05