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GENIUS Act anniversary raises uncertainty for USDT compliance
With stablecoin rules still not finalized a year after GENIUS, Tether faces major changes to meet U.S. requirements before July 2028.
CoinDesk reports that the U.S. GENIUS Act, which sets the framework for stablecoin issuers, marked its first anniversary without U.S. regulators completing deadlines to finalize implementing rules. While the legislation took effect, regulators have not yet published the full standards it envisioned, leaving compliance timelines and expectations less certain for issuers. Under the law, rules are set to be in full effect by July 2028, giving non-U.S. issuers about two years to build their compliance strategies. The standards would require significant adjustments for Tether’s USDT, which remains the leading stablecoin by trading volume, with the article noting that the coin could be pushed out of U.S. markets if Tether does not make major changes.
CoinDesk says Tether has previously signaled it would reach U.S. compliance, including through CEO Paolo Ardoino’s assurances last year. However, the article says Tether has not yet shown a clear shift toward the GENIUS Act’s requirements since the law was signed. The piece also highlights broader industry movement since President Donald Trump signed GENIUS, including increased stablecoin interest and issuance and firms pursuing U.S. trust bank charters to smooth stablecoin pathways. CoinDesk adds that rival Circle appears to have made more visible efforts to pre-comply, while other contenders, including the issuer connected to World Liberty Financial, are portrayed as competing for a distant third position.