Executives warn: Six major institutions miss the GENIUS Act rule deadline

The first anniversary of the signing of the GENIUS Act: The stablecoin payment track has been legalized, and the implementation of supervision is the key to the next stage.

It has been one year since the GENIUS Act was signed into law, and the legitimacy of stablecoins as a corporate payment track has been established. But industry executives note that the next stage of development will depend on whether regulators can translate issuance rules into operational banking and settlement infrastructure.

The bill was signed on July 18, 2025, establishing the first federal regulatory framework for U.S. payment stablecoins. It requires 100% reserve backing in assets such as U.S. dollars or short-term treasury bonds, monthly public disclosure of reserves, and compliance with anti-money laundering and sanctions compliance requirements.

stablecoin growth boosts business confidence

Since then, the market has grown sharply. The Digital Chamber of Commerce said that the global stablecoin market will reach US$3.15 trillion in 2026, up from US$2.06 trillion at the beginning of 2025; at the same time, global annual trading volume will rise to nearly US$35 trillion in 2025. The agency also pointed out that the actual payment size of stablecoins doubled in one year to US$390 billion.

For payment companies, the main change is the increase in confidence. Eric Barbier, CEO of Triple-A, said: "On the first anniversary of the GENIUS Act, it is clear that it has brought a significant and positive shift in the adoption of stablecoins, especially at the enterprise level." He pointed out that before the bill was introduced, uncertainty surrounding the legal and regulatory status of stablecoins in the United States made companies hesitate, especially large companies, whose payment adoption required joint approval from the financial, legal, compliance and banking teams. "Today, a year later, the bill not only brings regulatory clarity, but also brings stablecoins into the mainstream view."

Barbier mentioned that Triple-A, a global payments agency focusing on stablecoin solutions, has seen growing demand from companies-they are either seriously considering using stablecoin or have begun adopting it as a payment method. He said the most obvious change within the company was a "significant reduction" in the sales cycle for enterprise-level customers to enable stablecoin payments through its platform. "With such a clear framework, stablecoins are rapidly becoming a trustworthy additional payment track, especially in cross-border trade."

Release clarity is not all

The anniversary also exposes the limitations of the problems addressed by the GENIUS Act. For companies engaged in cross-border payments, the bill clarifies who can issue payment stablecoins and what reserve standards should be followed. But it does not fully answer how these stablecoins should flow through the banking system, nor does it clarify which party should be held accountable when regulated banks, payment providers and digital asset companies interact.

Diogo Cassinelli, Sales and Partner Manager at Trace Finance, said: "This week marks the first anniversary of the GENIUS Act, a juncture that helps us reflect on the progress the industry has made and what still needs to be done." He added: "The fact that stablecoin issuance finally has a federal framework is a remarkable milestone. But for operators engaged in cross-border payments and settlements, issuance clarity is only half the problem."

The Financial Stability Board also warned that stablecoins still account for a small share of global cross-border payments. The agency estimates that the total global cross-border payments will be approximately US$200 trillion in 2024, while based on some measures, cross-border payments based on stablecoins will account for less than 0.2% of the total in 2025.

Cassinelli believes that the missing part is a shared legal standard that banks can rely on when working with stablecoin payment companies. "In cross-border payments, every new banking relationship you establish requires the institution to independently believe that what you are doing is compliant because there is no shared legal standard to which you can point to." He said the process stretches a timeline that originally took only weeks to months, and costs are repeated every time a company enters a new market or adds a new banking partner.

In Cassinelli's view, this is where the CLARITY Act could become important. "If the CLARITY Act is passed, the biggest breakthrough will be speed. A clear framework means banks and payment providers can say 'yes' more quickly because compliance issues are answered at the federal level, rather than having each agency make its own risk judgment." He added that the CLARITY Act would provide a path for large institutions to transfer funds using stablecoins, while providing a clearer blueprint for startups to build services for these institutions.

The rulebook is still incomplete

The first year also exposed the gap between legislative momentum and regulatory implementation. Alex Witt, general partner at Verda Ventures, said: "After a year, it is clear that the GENIUS Act has successfully served as a legalization signal." He pointed out that the market value of stablecoins has exceeded US$300 billion, and the transaction volume has roughly quadrupled. Institutional players such as Fidelity and Ripple have obtained licenses. Tether has also achieved domestic implementation by cooperating with Anchorage to launch USA.

But Witt believes that implementation of the bill has not kept pace with the market. "Regulatory implementation is seriously lagging behind: six institutions were originally scheduled to complete rule formulation by July 18, 2026, but no rule has been finalized so far. This has left markets still using old disclosure rules, while franchises and Fed access decisions were quietly picking winners before the rulebook was introduced."

Rule making becomes the next test for stablecoins

The rule making process is still advancing. The Office of the Comptroller of the Currency has issued a proposed rule covering reserve management, redemption, capital, custody and compliance requirements for issuers of approved payment stablecoins. Its proposal also cites private sector forecasts that total stablecoin issuance will reach US$500 billion in 2026. According to Barron's, days before the deadline, the Federal Reserve was still preparing stablecoin rules to solicit public comment.

Witt said there are still unresolved issues, including a revenue ban and backup measures that will take effect in January 2027. "The real test of the bill is still in the next six months, not the past year." He said the first year of the GENIUS Act gave legal legitimacy to stablecoins and helped companies move closer to adoption. The second year will prove whether this legitimacy translates into reliable payment infrastructure.