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FollowingOnly issuers of payment stablecoins with an issuance of less than US$10 billion can remain under state regulatory frameworks, and their states 'rules are subject to a new federal "substantial similarity" test
The U.S. Treasury Department announced the Proposed Rulemaking Notice (NPRM) in a press release issued on April 1 and publicly solicited comments. The notice was published in the Federal Register (91, p. 16844) on April 3, beginning a 60-day public comment period with a deadline of June 2, 2026.
The US$10 billion issuance cap determines which institutions can rely on state supervision.
The Treasury Department's draft standards clearly set a cap: If a state-level qualified payment stablecoin issuer whose combined total issuance does not exceed US$10 billion and whose state's regulatory systems are determined to be "substantially similar," they can choose to accept state supervision. This threshold clearly draws an operational boundary and clarifies which agencies can apply the state-level regulatory path envisioned by the GENIUS Act. The cap appears in the NPRM text accompanying the Treasury proposal.
Because the standard is based on consolidated issuance volumes rather than just a single token or affiliated company, the US$10 billion figure applies to both corporate groups and independent issuers. The proposal does not list which agencies meet or do not meet the standard, nor does it attempt to pre-approve any state's regulatory framework.
Treasury Department's test criteria for regulatory systems in "substantially similar" states
The NPRM will develop a set of criteria based on broad principles to determine whether state regulations are fully consistent with federal baselines under the GENIUS Act. The Treasury Department does not prescribe a unified state rule book, but instead proposes a principles-based assessment methodology that regulators can apply to different state laws and regulatory projects.
By building a review framework around principles, the Treasury Department leaves room for states to meet federal standards through different legislative or regulatory mechanisms. But the proposal clearly states that issuers eligible for state regulatory status must meet this similarity determination. Otherwise, even if issuers fall below the $10 billion limit, they will not be able to use the state regulatory path.
Comment period: The April 3 Federal Register notice sets a June 2 deadline.
The Treasury Department's announcement on April 1 invited the public to submit comments and stipulated that comments must be submitted within 60 days of publication in the Federal Register. The proposal will be published in the Federal Register on April 3, 2026, and the countdown will begin, with a deadline of June 2, 2026.
April 1, 2026: The Ministry of Finance press release announcing the NPRM and soliciting opinions.
April 3, 2026: Published in the Federal Register, Volume 91, page 16844, opening the review window.
June 2, 2026: Deadline for submission of comments based on a 60-day notification period.
Stakeholders now have a clear window of time to express their views on issues such as how similarity testing should work in practice and how the Treasury should measure consolidated issuance by issuers seeking a state regulatory path.
Position in the GENIUS Act rule-making process
Subsequent independent reports confirmed the Treasury's proposal and placed it in other GENIUS Act rule-making efforts. Reports in July 2026 pointed out that the state-level similarity NPRM is still in the status of a proposal, and relevant agencies are still seeking comments on multiple rules rather than finalizing them before mid-year.
The deadline of June 2, 2026 identifies key nodes in the near future. Until the Treasury Department finalizes the rule, questions remain unresolved whether the regulatory system of any particular state meets the "substantially similar" standard and which issuers with circulation of less than $10 billion can rely on state regulation.
