U.S. stablecoin rulemaking is becoming an operating stack

April 2026 turned U.S. stablecoin rulemaking into a much more usable operating stack.

The U.S. stablecoin market still does not have final rules or approved issuers under a completed federal regime.

What it now has is something nearly as important for market formation: a cross-agency draft operating stack that makes the direction of travel far easier to underwrite.

The United States now has a much fuller implementation stack around the GENIUS Act. Treasury's state-route proposal, the joint FinCEN-OFAC AML and sanctions proposal, and the FDIC's bank-facing reserve, redemption, custody, insurance, and tokenized-deposit proposal together make the future payment-stablecoin perimeter far more usable. The regime is still proposed rather than final, but the operating map is starting to look real.