Treasury adopts state stablecoin certification procedures with a delayed submission opening

What changed

Treasury published an immediately effective interim final rule prescribing how the Stablecoin Certification Review Committee reviews state payment-stablecoin regulatory regimes. The rule requires initial attestations and supporting materials, annual recertification during the anniversary calendar quarter, and approval or denial within 30 days after a submission is complete. Untimely annual recertification suspends certification approval; denials receive cure and appeal procedures. Certifications will not be accepted until Paperwork Reduction Act approval and a Treasury website notification. Comments are due November 30, 2026. The rule does not itself approve a state regime or authorize an individual issuer.

Who it affects

• State payment-stablecoin regulators seeking certification
• Payment-stablecoin issuers seeking or relying on state regulation
• Advisers and custodians diligencing state-regulated payment stablecoins

What is still open

• When PRA approval and Treasury's certification-opening notification will occur
• Which state regimes will receive Committee approval
• How suspension or final denial will affect existing issuers and required licensing transitions
• Whether comments will lead to revisions of the interim procedures

What it means for an advisor

• Track Committee approval and annual recertification status alongside an issuer's state license
• Distinguish the rule's effective date from the opening of certification submissions and approval of particular regimes
• Add certification suspension and licensing-transition contingencies to stablecoin issuer diligence