One Year of the GENIUS Act: Stablecoin Regulation Remains a Work in Progress

One year after the GENIUS Act became US law (July 2025), stablecoin regulation faces renewed pressure from banks seeking to rewrite implementing rules and state regulators attempting parallel frameworks, threatening the national standard the law established. The OCC's delayed interpretive rule on bank-issued stablecoins could split the market into privileged depository coins and heavily-burdened non-bank issuers, whilst offshore unregulated tokens and international competitors continue to fragment dollar dominance.

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