What happened
- Specific facts/numbers: The U.S. Treasury published an interim final rule on September 30, 2026 establishing forms and procedures for reviewing state stablecoin regulatory regimes; under the GENIUS Act, payment stablecoin issuers with consolidated outstanding issuance of less than $10 billion may use a state regime if it is deemed substantially similar to the federal framework.
- Institutions involved: The U.S. Treasury is leading the process through the Stablecoin Certification Review Committee, whose members are the Treasury Secretary, the Federal Reserve chair or vice chair for supervision if delegated, and the FDIC chair.
- Regulatory/technical context: The rule sets submission requirements for state certification and annual recertification, defines "material change" and "significant change in circumstances," and includes both an opportunity to cure and an appeals process for denials. Treasury also clarified that states can meet the January 18, 2028 initial certification deadline with a conditional or otherwise incomplete filing, while a separate earlier proposed rule on the substantive certification criteria remains unfinished.
- What to watch next: Treasury said the interim rule is effective immediately, but it will not begin accepting certifications until the Paperwork Reduction Act process is completed, and the comment period runs until November 30, 2026.
Why it matters
This gives U.S. states and smaller stablecoin issuers a clearer procedural path to seek approval under state-level oversight instead of immediate full federal supervision, reducing uncertainty around how the GENIUS Act will be implemented.
HKMA Relevance
Direct: The rule involves the U.S. Treasury, Federal Reserve, and FDIC setting stablecoin oversight procedures, and central-bank-led payment stablecoin regulation is directly relevant to the HKMA’s own policy and supervisory agenda.