The US Treasury has proposed new guidance that could determine which stablecoins US exchanges may list, extending GENIUS Act requirements to foreign issuers. Exchanges would need to verify that any stablecoin they offer comes from an authorized issuer, with restrictions on service providers arriving from July 18, 2028.
The US Treasury announced a proposal for new guidance that could reshape which stablecoins crypto exchanges may offer to American customers. The proposal implements parts of the GENIUS Act and extends beyond US stablecoin companies, binding foreign issuers seeking American market access to the same new rules.
Foreign issuers face new conditions
One major requirement concerns how issuers outside the US respond to US legal orders. To serve the American market, an issuer may need to show it can freeze, seize or burn stablecoins, or stop them from moving when legally required to do so. Exchanges would also have to carry out their own checks rather than rely on issuers' claims about their capabilities.
Foreign companies may still enter if the Treasury deems their regulatory regimes comparable to US standards and they register with the Office of the Comptroller of the Currency. The Treasury is taking a broad approach to what counts as issuing stablecoins in the US, since a transaction could fall within the rules whenever either the issuer or the recipient is in the US. As a result, foreign issuers trying to stay outside the US market may need controls that block their stablecoins from reaching American users.
Exchanges could have to reconsider listings
From July 18, 2028, service providers would not be allowed to offer US customers stablecoins that are not issued by an authorized company. Simply listing a stablecoin would not automatically make an exchange its issuer, but exchanges and market makers could face problems if they help unauthorized stablecoins reach buyers.
The proposal also treats advertising a stablecoin to Americans, responding to purchase requests, or helping customers bypass location restrictions as offering it in the US. Airdrops would count toward issuance too, even when recipients do not purchase them. However, direct transfers between individuals get limited exemptions, as do some transactions made through self-custody wallets — and none of these requirements are final yet.
Under the timeline, the GENIUS Act is expected to take effect on January 18, 2027, with the restrictions on service providers following 18 months later. Treasury is giving the public 60 days to comment once the proposal is published in the Federal Register.
Source: U.S. Department of the Treasury
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