CoinMeta data: On September 30, 2026, the U.S. Treasury Department issued the first temporary final rule for Genius Act, marking the first regulatory measure to come into effect under this act. The rule sets a threshold of $1 billion, requiring stablecoin issuers with a total issuance amount exceeding this figure to transition to federal regulatory frameworks, while issuers with amounts below this threshold may opt for state-level regulation. This move will have a profound impact on the stablecoin market, especially on major participants such as Tether and Circle. The implementation of this rule still requires approval from the Office of Management and Budget before certification applications can be officially accepted.