Fed opens GENIUS Act stablecoin rulemaking with reserve, capital and application proposals
Stablecoin regulation · Proposals announced 24 Sep 2026; 60-day comment period
The Federal Reserve issued two proposals for Board-supervised payment stablecoin issuers: one setting full high-quality-liquid-asset reserve backing, capital and risk-management standards, and one setting the application process for supervised banks seeking authorisation. A 60-day comment period follows Federal Register publication.
Why it matters — US rules will shape the reserve and redemption norms that offshore stablecoins, and any NZ-facing products using them, are measured against; they are also a template for how NZ policymakers may frame digital-asset oversight.
Singapore's MAS proposes formal stablecoin licensing framework
Stablecoin regulation · Consultation opened 1 Sep 2026; feedback closes 16 Oct 2026
MAS has proposed Payment Services Act amendments to formalise its Single-Currency Stablecoin framework, requiring full segregated reserve backing, par-value redemption and freeze/burn powers over illicit tokens, while banning interest payments to holders to keep stablecoins distinct from bank deposits.
Why it matters — The "fully reserved, no yield, licensed issuer" template is fast becoming the de facto global standard for stablecoin regimes; it's a useful reference point for how NZ regulators would likely frame any future local stablecoin or e-money settings.
US stablecoin rulemaking under the GENIUS Act still incomplete a year after passage
Stablecoin regulation · Status as of 6 August 2026
More than a year after the GENIUS Act became law, its substantive payment-stablecoin regime remains unimplemented: the OCC, FDIC and NCUA have only proposed rules, and the Federal Reserve's own rulemaking is still unfinished.
Why it matters — NZ has no dedicated stablecoin framework yet; the slow, contested US rollout previews the calibration fights — reserve backing, redemption rights, issuer licensing — local regulators will face once a NZ regime is drafted.
Regulatory — NZ horizon & global signalsmediumUpdate
[UPDATE] MiCA's July licensing deadline leaves most EU crypto firms unauthorised
Stablecoin regulation · Deadline passed 1 July 2026
New data shows only around 17-20% of the roughly 1,200 crypto-asset firms previously operating under national EU regimes have secured full MiCA authorisation since the bloc's licensing deadline passed on 1 July; unauthorised firms are now, legally speaking, operating illegally across the bloc.
Why it matters — The scale of the compliance gap is a useful data point on how demanding stablecoin and crypto-asset licensing regimes are proving in practice, as NZ regulators watch international approaches while shaping their own digital-assets settings.
Regulatory — NZ horizon & global signalshighUpdate
[UPDATE] US regulators miss GENIUS Act's one-year deadline for final stablecoin rules
Stablecoin regulation · Deadline missed 18 July 2026; comment periods run to 4 Aug (FDIC AML proposal) and 21 Aug (joint customer-ID rule); effective date pushed to 18 Jan 2027 or 120 days after final rules, whichever is later
None of the five US agencies tasked with implementing the GENIUS Act met its one-year, 18 July deadline for final stablecoin rules, instead issuing ten notices of proposed rulemaking covering reserves, redemption, AML and customer identification rather than completed regulations. Two of those proposals remain open for public comment into August, leaving issuers without a settled compliance picture as the law's effective date slips.
Why it matters — The delay stalls the global regulatory benchmark other jurisdictions, including New Zealand, have been watching to calibrate their own stablecoin settings; MBIE's ongoing review of whether stablecoins need bespoke NZ licensing, and the unresolved status of the NZDD stablecoin, now have less US precedent to anchor to, likely prolonging the grey area local banks face in deciding whether to service stablecoin issuers.
Regulatory — NZ horizon & global signalshighUpdate
[UPDATE] Six US agencies confirmed set to miss GENIUS Act's 18 July stablecoin-rules deadline, pushing effective date to January 2027
Stablecoin regulation · Statutory deadline 18 July 2026 to be missed; 18-month backstop takes effect 18 January 2027
With days to go, none of the OCC, FDIC, NCUA, Treasury, FinCEN or OFAC has published final GENIUS Act rules, and several comment windows run past the statutory deadline itself. Because the Act has no fallback for a missed deadline, the framework now defaults to its 18-month statutory backstop, fixing 18 January 2027 as the effective date for US stablecoin rules regardless of rulemaking progress.
Why it matters — NZ policymakers were watching this rulemaking as a benchmark: MBIE's own consultation on whether stablecoins need bespoke NZ licensing closed 3 July, and the delay buys local regulators more time to calibrate against a settled US model rather than a moving target — but it also prolongs the global uncertainty already fuelling criticism of the NZDD stablecoin's ambiguous 'not a financial product' status.
Six US federal agencies race to finalise GENIUS Act stablecoin rules ahead of 18 July deadline
Stablecoin regulation · Statutory deadline 18 July 2026
The OCC, Federal Reserve, FDIC, NCUA, Treasury/FinCEN and OFAC face a statutory deadline of 18 July — a year after the GENIUS Act's enactment — to finalise implementing rules for payment stablecoin issuers; proposals include a US$5m minimum capital floor and a three-tier liquidity framework requiring 10% same-day redemption capacity.
Why it matters — A finalised, more prescriptive US stablecoin regime will become a de facto global benchmark just as MBIE separately consults on whether stablecoins need bespoke NZ licensing; how the US settles capital, reserve and redemption standards will shape the scrutiny facing local issuers such as NZDD.
Circle wins US national trust bank charter for USDC custody
Stablecoin regulation · 10 Jul 2026
The US Office of the Comptroller of the Currency approved Circle to open First National Digital Currency Bank, branded Circle National Trust, making it the first major stablecoin issuer to hold a federal trust bank charter, providing federally regulated custody for USDC.
Why it matters — Federal bank status gives Circle a regulatory edge over rivals in the crowded post-GENIUS Act stablecoin race, including the newly formed 140-firm Open USD consortium, and shows US regulators pulling stablecoin issuers further into mainstream banking.