The U.S. Treasury is asking the public to share their thoughts on how the government should set up rules for payment stablecoins. The goal is to make sure these digital dollars are safe without slowing down innovation. Think of it as helping design the pipes before the water starts flowing.
This all comes after the GENIUS Act, passed in July, which created the first full U.S. rules for stablecoins. Under this law, only insured banks and certain approved companies can create stablecoins—no random groups can just print their own anymore.
The law also requires:
Stablecoins to be backed 1-to-1 with safe and liquid assets (like cash or U.S. Treasuries).
Companies to regularly show proof of their reserves and get audits.
Compliance with anti-money laundering rules (Bank Secrecy Act).
Consumers to get paid back first if a stablecoin company collapses.
Importantly, stablecoins are treated as a separate category—they aren’t considered securities or commodities.
Right now, the Treasury’s request doesn’t create any new rules. Instead, it’s a fact-finding mission. People have 30 days after the notice is published in the Federal Register to send in comments, and all responses will be made public.
This comes after another Treasury request (from August 18) asking how to better track illegal activities involving digital assets. That one is still open until October 17. In short, the government is looking at both how to make stablecoins safe and how to catch bad actors.
Next steps: expect draft rules that explain who can issue stablecoins, what reserves they need, what information must be disclosed, and how different regulators will work together. The big picture goal is to keep payments fast, stablecoins safe, and the U.S. dollar strong in the digital world.