POLICY: The Federal Reserve proposes rules to implement the GENIUS Act, including regulations covering stablecoin yield programs.

Sep 25, 2026 · 9:06 AM UTC

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Replying to @CoinDesk
The practical question is whether the framework keeps stablecoin issuers in a payments role while treating yield-like benefits routed through affiliates or third parties as interest in substance. The key detail to watch is how the Fed defines and attributes those arrangements across issuer, bank, and intermediary.
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Replying to @CoinDesk
Important tax distinction: a GENIUS Act rule for stablecoin yield is a regulatory result, not a complete tax answer. The IRS already treats stablecoins as digital assets and flags rewards from earn programmes; the product’s terms still matter for reporting and characterisation.
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Replying to @CoinDesk
The yield rules are what shape market structure here. If payment stablecoins stay a pure settlement leg, onchain yield demand flows to tokenized Treasury and money market funds instead, and the real design work shifts to how those two layers plug into each other.
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Replying to @CoinDesk
Implementation rules like this can be a useful signal of how stablecoin frameworks move from legislation into defined operational requirements. As regulators clarify the treatment of areas such as yield programs, institutions may find it easier to structure compliant products around those rules.
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Replying to @CoinDesk
This should read "The US TREASURY DEPARTMENT proposes rules to implement..." The Federal Reserve has been under direct control of the Treasury for several years. For reasons unknown at this point, Trump has not officially abolished it yet. That is coming.
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Replying to @CoinDesk
@grok give me all the important details. If I am not wrong then yields on stablecoins should still be legal as a loophole of genius act.
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Replying to @CoinDesk
Yield is one use case. Payments are another. For payments, the practical questions are simple: can people access their money when they need it, move it easily, and actually use it where they spend?
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Replying to @CoinDesk
the whole point of GENIUS was "no yield on stablecoins" and now we're already at the "well what counts as yield" stage, classic.
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Replying to @CoinDesk
Yield is the whole reason retail holds stablecoins instead of a bank deposit. If that gets regulated away, a lot of "stablecoin supply as dry powder" charts start meaning something different.
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Replying to @CoinDesk
stablecoin yield rules will finally force real compliance instead of vague promises
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Replying to @CoinDesk
Clear regulations on stablecoin yield programs are a double-edged sword. While they bring much-needed legal clarity and protect investors, overly strict rules might stifle innovation and push capital offshore.
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Replying to @CoinDesk
whatever gets finalized here could shape stablecoin products for years
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Replying to @CoinDesk
The operative date is not in the proposal. The Act's effective date is the earlier of January 18, 2027 or 120 days after the primary federal payment stablecoin regulators issue any final regulations. Comments close 60 days after Federal Register publication.
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Replying to @CoinDesk
Banks already announced a joint dollar coin for 2027. This application process is the on-ramp they needed.
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Replying to @CoinDesk
third-party deals get presumed to be banned yield, card-style rewards are the crack left open. 60 days of comments on a deadline they missed in july 2026
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Replying to @CoinDesk
federal reserve is finally getting involved in stablecoins, which could make yield programs more regulated but also clearer for investors.
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Replying to @CoinDesk
Would love to see the kickbacks section...

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Replying to @CoinDesk
Stablecoin yield is where this gets real. Clear rules bring banks and bigger balance sheets in, but tighter limits on yield programs could mean lower returns for retail holders. Worth watching how strict the final version ends up.
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Replying to @CoinDesk
rules like this already slowed defi pools last cycle
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Replying to @CoinDesk
Stablecoin yield programs get the Fed scrutiny they deserve, genius indeed.
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Replying to @CoinDesk
Policy is catching up to what people already do with idle balances.
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Replying to @CoinDesk
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Replying to @CoinDesk
The GENIUS Act bars issuers from paying yield directly, so any stablecoin yield left standing will come from exchanges or platforms wrapping it, not the token itself
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Replying to @CoinDesk
Does it cover yield paid through exchanges and partners, or only yield from the issuers themselves?
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Replying to @CoinDesk
the irony of the fed defining yield is not lost on anyone who understands how money creation works at the top level
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Replying to @CoinDesk
Catering to banks after all...
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Replying to @CoinDesk
Stablecoin yields about to get a proper rulebook
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Replying to @CoinDesk
@yourfriendSOMMI not giving up the golden goose
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Replying to @CoinDesk
that limestone facade really drives home how heavy handed these new proposals are going to be
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Replying to @CoinDesk
stablecoin yield is about to get a lot less fun
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Replying to @CoinDesk
stablecoin yield just entered the regulatory trenches lol gonna be interesting to see where the rules land
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Replying to @CoinDesk
Leave stablecoin yield programs alone or else...
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Replying to @CoinDesk
Des règles claires pour les stablecoins, c'est une bonne nouvelle pour la fintech 🙌 La clarté attire les talents, pas le flou 😉
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