GENIUS Act Marks First Anniversary Without Final Rules as Stablecoin Issuers Prepare for 2028 Deadline

The GENIUS Act reached its first anniversary on Saturday without U.S. federal financial regulators having completed rules to implement the stablecoin law signed by President Donald Trump one year earlier. CoinDesk reported that the measure sets a full-effectiveness date of July 2028, leaving two years for issuers to prepare.

Tether's USDT, the world's leading stablecoin by volume, holds as much as a quarter of its reserves in assets such as precious metals, lending and bitcoin that fall outside the law's requirement for full backing by cash and U.S. Treasuries. Tether, based in El Salvador, has not responded to recent requests for an update on its compliance plans.

-specific token. The company later launched USAT through U.S. banking partner Anchorage Digital to align with American requirements. Justin Levine, a lawyer at Davis Polk, stated that foreign issuers must immediately comply with orders to seize and freeze coins held by illicit actors once the law takes effect, likely in January, but have roughly two years to meet additional requirements including registration with the Office of the Comptroller of the Currency and certification of their home regulator by the Treasury secretary.

U.S. crypto platforms will be barred from offering non-compliant stablecoins after the grace period ends in July 2028. CoinDesk reported that regulators remain behind schedule on drafting the rules, creating uncertainty for issuers even as the first compliance milestones approach.