The U.S. Treasury has put a filing process around one of the GENIUS Act’s central compromises: qualifying stablecoin issuers may remain under state supervision, but only when the state’s framework wins federal approval. The interim final rule took effect on September 30, 2026, and describes how state regulators must present their case to the Stablecoin Certification Review Committee.
The rule does not approve any state program. It also does not open the filing window immediately. Treasury says certifications will not be accepted until the information collection receives Paperwork Reduction Act approval. The department will announce when submissions can begin. Comments on the interim rule are due by November 30.
Who can use the state pathway
The pathway applies to a state-qualified payment stablecoin issuer with no more than $10 billion in consolidated outstanding issuance. Its state regulator must certify that the state regime meets Treasury’s substantial-similarity principles. The federal committee then decides whether the regime meets or exceeds the standards set by the GENIUS Act.
The committee is chaired by the Treasury secretary. It also includes the Federal Reserve chair, or the vice chair for supervision if authority is delegated, and the Federal Deposit Insurance Corporation chair. That structure makes certification a federal review of the state framework, rather than a state’s unilateral declaration that its rules qualify.
What a state must submit
An initial certification must use the prescribed attestation and include a narrative explaining how the state framework satisfies the applicable principles. The filing must also provide supporting state laws, regulations and other relevant materials. Treasury’s rule directs regulators to submit the package electronically through the channel identified on its website.
Approval is not permanent. States must recertify each year, and a late annual filing suspends the prior approval. The procedures also cover denials, opportunities to cure defects, resubmissions and appeals. A two-year cure period applies when a state needs to respond to relevant changes in federal statutes, regulations, interpretations or orders.
Why the procedure matters
The GENIUS Act created both federal and state routes for permitted payment stablecoin issuers. The certification process determines whether a state route is available in practice. A regulator needs more than a stablecoin statute on its books: it must document the full supervisory regime and show how that regime compares with the federal framework.
Annual review also gives the committee a way to examine changes after approval. The rule distinguishes changes to a state regime from shifts in federal law, market conditions, issuer behavior or risk. A recertification can therefore turn on what changed around the regime as well as amendments made by the state itself.
The interim status leaves some details open to revision after Treasury reviews public comments. For now, the rule supplies forms and a review sequence while preserving two important limits. Issuers above the $10 billion threshold cannot rely on this state option, and states cannot file until Treasury confirms that the paperwork review is complete.
Adapted from Treasury Issues GENIUS Act Rules for State Stablecoin Certification.