Registration

Federal vs. State Stablecoin Regulation: Choosing Your Registration Path

The GENIUS Act sets up a dual-track registration regime for payment stablecoins — a federal path (OCC-supervised) and a state path for issuers at or below $10 billion in a certified state — but it is enacted, not yet effective, with implementing rules still in proposed form as of mid-2026. This guide compares the federal and state pathways, the preemption rules, and the strategic trade-offs once the regime takes effect.