What happens next is a two-year rulemaking war that determines whether $250 billion in existing stablecoins flows into bank-wrapped structures or fragments into offshore silos, and whether Bitcoin and Ethereum capture the fallout or get buried under it. Establishes “permitted payment stablecoin issuer” regime, bans yield on payment stablecoins, sets 3-year distribution clock, and hardwires the effective date as the earlier of (i) 18 months after enactment or (ii) 120 days after final regs by primary regulators. Final Rules Statutory deadline: by July 18, 2026 Final regulations by the “primary Federal payment stablecoin regulators” + Treasury lock in who can be a PPSI, how reserves work, supervision expectations, and how foreign and state regimes are recognized.
Author: Gino Matos
Published at: 2025-11-07 14:00:24
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