The U.S. Treasury Department has officially implemented the GENIUS Act for stablecoins, allowing issuers with assets under $10 billion to choose state-level regulation.

Huoxun Finance reports that the U.S. Treasury Department has officially launched the implementation process for the GENIUS Act on stablecoin innovation, issuing a notice of proposed rulemaking—the first implementing regulation of the act, totaling 87 pages, with a 60-day public comment period. According to the GENIUS Act, issuers of payment stablecoins with a total issuance not exceeding $10 billion can choose to accept state-level regulatory systems, provided that the state's regulatory framework is "substantially similar" to the federal regulatory framework. The U.S. Treasury Department will use this notice to establish broad principles for determining "substantially similar."