The U.S. Department of the Treasury proposed rules Monday defining which stablecoins can be issued or sold in the United States under the GENIUS Act. The proposal implements Section 3 of the GENIUS Act, signed into law last summer. According to the proposal, beginning January 18, 2027, stablecoin issuers generally must obtain a federal or state license. Platforms can also sell foreign-issued stablecoins, but only if the foreign issuer complies with U.S. legal orders and agreements between the U.S. and the country where it is regulated.