CBSR · evidence library
United States stablecoin regulation evidence | CBSR historical snapshot
Explore 9 United States stablecoin regulatory records with source locators, issuer pathways, reserve and yield rules, legal-force and review status in the 20 August 2026 CBSR snapshot.
Read this jurisdiction in context
Read issuer-layer propositions separately from the foreign-issuer admission gate. The register distinguishes the enacted GENIUS Act from the commencement condition governing its Section 18 inbound pathway. Yield analysis also separates issuer restrictions from the then-pending intermediary-level Section 404 debate.
Coverage and unresolved review work
Four regulatory questions and their evidence
Issuer pathway
us-pss-issuer_pathway-001
Snapshot record wording · not a statutory quotation
Permitted payment stablecoin issuers are a defined set: subsidiaries of insured depository institutions, federally qualified non-bank payment stablecoin issuers approved by the OCC, and state-qualified issuers operating under an OCC-certified comparable state regime. An authorizable private token exists.Reserve and backing
us-pss-reserve_backing-001
Snapshot record wording · not a statutory quotation
1:1 backing of outstanding payment stablecoins at fair value is required by the enacted GENIUS Act (Sec. 4(a)(1)). The detailed list of PERMISSIBLE reserve assets is set by the OCC NPRM (proposed 12 CFR Sec. 15.11(b)) and is NOT yet final — that composition is a pending overlay, not part of the in-force statutory proposition.Permitted activity and yield
us-pss-permitted_activity_yield-001
Snapshot record wording · not a statutory quotation
GENIUS Act §4(a)(11) prohibits permitted/foreign payment stablecoin issuers from paying any form of interest or yield (cash, tokens, or other consideration) to a holder 'solely in connection with the holding, use, or retention' of a payment stablecoin. The word 'solely' is the textual hinge: it reaches payments tied to the act of holding, not payments produced by some other operative event (user-initiated routing, market-making, transfers). OCC NPRM §15.10(c)(4) and FDIC NPRM §350.3(b)(4) add a rebuttable presumption that affiliate / related-third-party arrangements (including white-label) violate the prohibition, rebuttable by written non-evasion showing; the anti-evasion rule (proposed §15.10(c)(6)) treats any sidestep arrangement as a violation. Permitted: merchant-funded discounts; issuer profit-sharing with non-affiliated white-label partners without yield pass-through. The intermediary layer is the pending CLARITY Act §404, extending the prohibition to 'covered parties' (digital-asset service providers and affiliates) under prongs (A) 'solely in connection with holding' and (B) 'economically or functionally equivalent' to bank-deposit interest.Monetary sovereignty
us-pss-monetary_sovereignty-001
Snapshot record wording · not a statutory quotation
The US issues the reserve currency and imposes no aggregate usage cap on private dollar tokens. A foreign payment stablecoin may be offered in the US only where the foreign regime is determined comparable by the Treasury and the issuer registers — an admission-by-determination channel rather than an open market.Complete record inventory
| Record / dimension | Recorded source locator | Binding status | Freshness | Source check date |
|---|---|---|---|---|
| Bank and non-bank routing | CLARITY Act Sec. 404 covered-party definition (H.R.3633, House-passed, not enacted) | pending_proposal | unknown | Not evidenced |
| Capital requirements | capital left to OCC/FDIC rulemaking; figures from the OCC/FDIC NPRM (proposed) | pending_proposal | stale | 2026-06-27 |
| Cross-border data | AML/sanctions perimeter; cross-border information-sharing | in_force_enacted | unknown | Not evidenced |
| Disclosure and reporting | Monthly reserve certification and disclosure; supervisory reporting | in_force_enacted | unknown | Not evidenced |
| Issuer pathway | GENIUS Act Sec. 3-4 (permitted payment stablecoin issuers: IDI subsidiaries; OCC-qualified non-banks; certified state regimes) | in_force_enacted | stale | 2026-06-27 |
| Monetary sovereignty | Foreign payment stablecoin issuers — comparability determination and registration | in_force_enacted | unknown | Not evidenced |
| Permitted activity and yield | GENIUS Act Sec. 4(a)(11) (no interest/yield in connection with holding, use, or retention) | in_force_enacted | stale | 2026-06-27 |
| Reserve and backing | GENIUS Act Sec. 4(a)(1) (1:1 fair-value backing of outstanding payment stablecoins) | in_force_enacted | stale | 2026-06-27 |
| Securities classification | GENIUS Act securities carve-out (amending the '33/'34 Acts and ICA40 for permitted payment stablecoins) | in_force_enacted | stale | 2026-06-27 |