Overview

• The Stablecoin Certification Review Committee, led by the Treasury secretary with the Fed and FDIC chairs, must unanimously determine whether state frameworks are substantially similar to federal standards and can later deny or revoke certifications.
• The GENIUS Act creates a federal regime for privately issued payment stablecoins but does not cover coins issued directly by state governments.
• Wyoming launched the Frontier Stable Token on August 20, backed by U.S. dollars and short‑term Treasuries, and Nebraska has legislative approval for a state‑issued stablecoin.
• States that want to regulate private issuers under their own rules must submit their frameworks for SCRC review by July 18, 2026.
• For U.S. users, the law is described as boosting oversight and consumer protections, while the EU’s MiCA is already in force and has prompted ECB concerns about the policy impact of large dollar‑pegged stablecoins.