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GENIUS Act Rules Land: Reserves, Capital & the Stablecoin Power Shift
Audio is available on Spreaker — see link below.
The FDIC and OCC have dropped their GENIUS Act implementing rules, setting a 100% reserve mandate, new capital floors, and a January 2027 enforcement clock. Plus: Stripe, Visa, and Mastercard back a joint stablecoin platform, and the UK government ditches Stripe for Adyen.
Audio is available on Spreaker — see link below.
The stablecoin rulebook has arrived. The FDIC and OCC have formally proposed their GENIUS Act implementing rules, and the clock is now running.
The reserve mandate is one hundred percent. Payment stablecoins must be fully backed by U.S. dollars, short-term Treasuries, or Federal Reserve repo agreements.
The regulatory reclassification is significant and underreported. Stablecoin issuers are no longer categorized as money transmitters.
There's a bifurcation in this framework that's worth holding onto. Full AML and CFT obligations apply to primary market activity — meaning direct issuance and redemption.
While the regulatory framework takes shape, the competitive landscape is consolidating fast. Stripe, Visa, and Mastercard are jointly backing a soon-to-debut stablecoin platform, with Coinbase exploring participation.
One development away from the stablecoin story but worth noting: the UK government has replaced Stripe with Dutch provider Adyen for GOV.UK Pay services. The contract runs three years at twenty-five point three million pounds, covering over one thousand public services.
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