Treasury's State Stablecoin Certification Procedure Takes Effect
The committee's forms and review process took effect September 30, but certifications cannot be submitted until federal paperwork approval is complete.
By Elena Marsh, Journalist, Stablecoins
Updated October 4, 2026: The US Treasury's Stablecoin Certification Review Committee put its state-certification procedure into effect on September 30. The interim final rule establishes the forms, review steps and appeal process states will use under the GENIUS Act. Certifications cannot yet be submitted: Treasury says it will not accept them until the required Paperwork Reduction Act approval is complete and the department publishes a further notice.
Procedure exists; intake does not
The rule took effect immediately on publication in the Federal Register. It creates a standard certification form, an optional cover sheet and procedures for committee review. States will eventually submit evidence that their payment-stablecoin regulatory regimes meet the statutory requirements.
The effective date is not an application-opening date. The rule states that certifications will not be accepted until paperwork approval has been obtained. Treasury will notify states when submissions can begin. Public comments on the interim final procedure are due November 30, 2026.
The state pathway is limited
Under the GENIUS Act, a state-supervised payment-stablecoin issuer with no more than $10 billion in consolidated outstanding issuance may use the state pathway only if two conditions are met. The state must certify its regime, and the Stablecoin Certification Review Committee must approve that certification.
The new rule does not certify any state or approve any issuer. It defines how a state will make a submission and how the committee will review it. The committee can request additional information, give a state an opportunity to cure deficiencies and issue a written determination. The rule also provides a reconsideration process after a denial.
Separate from the April standards proposal
Treasury's April 1 proposal addresses the principles the committee would use to decide whether a state regime is substantially similar to the federal framework. The September 30 interim final rule addresses procedure: the submission form, supporting documentation, committee review and reconsideration.
Those tracks should not be collapsed. The procedure is effective, but the standards proposal remains a separate rulemaking, and the certification intake still depends on paperwork approval. Until Treasury announces that intake is open and the committee approves a filing, no state should be described as certified under this process.