Stablecoin rules in late 2026: MiCA after the transition, and the GENIUS Act countdown

Two major stablecoin regimes now shape how platforms design products: the EU's Markets in Crypto-Assets Regulation (MiCA) and the US GENIUS Act. They are at different stages. MiCA's transitional period has ended. The GENIUS Act is law, but its main restrictions have not yet taken effect. This briefing sets out the dates as of October 2026 and what they mean in practice. It is general information, not legal advice.

EU: MiCA after the transitional period

MiCA distinguishes two types of stablecoin. E-money tokens (EMTs) reference a single official currency. Asset-referenced tokens (ARTs) reference other assets or a basket. Issuers of each type need authorisation and must meet reserve, disclosure and redemption requirements. MiCA has applied in full, including to crypto-asset service providers (CASPs), since 30 December 2024.

Member States could let existing providers continue under national rules during a transitional period. According to ESMA, that period lasted until 1 July 2026 at the latest, or until the provider was granted or refused MiCA authorisation, if that came earlier. That date has now passed. A provider serving EU customers needs MiCA authorisation. ESMA publishes an interim register of authorised CASPs, token issuers, white papers and non-compliant entities, updated weekly. ESMA had planned to integrate it formally into its IT systems from mid-2026.

Three practical points for platforms:

• Check the register, not the website. The ESAs' consumer warning of October 2025 tells consumers to check whether a provider is authorised in the EU. Counterparties and partners will expect the same check from you.
• Asset availability can differ by region. A stablecoin that is available elsewhere may not be offered to EU customers through an authorised provider.
• Anti-money-laundering rules sit alongside MiCA. CASPs follow the EU Travel Rule and EBA guidance under Regulation (EU) 2023/1113, which has applied since 30 December 2024.

For EU/EEA end users, crypto-asset services can only be provided through a separately authorised EU provider, under that provider's own customer terms; the services actually available are shown when the end user applies. A licence held outside the EU does not cover EU/EEA end users.

US: the GENIUS Act timeline

The Guiding and Establishing National Innovation for U.S. Stablecoins Act became law (Public Law 119-27) on 18 July 2025. Among its main provisions:

• Who may issue. Payment stablecoins must be issued by permitted issuers. Smaller issuers, with up to USD 10 billion outstanding, may use a state regime if it is substantially similar to the federal one.
• Reserves. Reserves must back outstanding stablecoins at least one to one, in specified high-quality assets. Reserve composition is published monthly.
• Redemption and fees. Issuers must publish a redemption policy and fees, and give notice before changing fees.
• AML. Permitted issuers are treated as financial institutions under the Bank Secrecy Act.
• Classification. Payment stablecoins issued by permitted issuers are excluded from the securities and commodity definitions named in the Act.

The Act takes effect on the earlier of 18 months after enactment or 120 days after the final implementing regulations. On 17 August 2026, the US Treasury issued a proposed rule on what it means to issue a payment stablecoin "in the United States". In that release it gave 18 January 2027 as the expected effective date. From then, issuing a payment stablecoin in the US will generally require a federal or state licence. From 18 July 2028, digital asset service providers will generally not be able to offer or sell payment stablecoins to persons in the US unless a licensed issuer issued them.

What platforms should track

For product teams, the regimes raise similar questions:

1. Which stablecoins can each customer group hold, convert or receive, and under which regime?
2. Who is the authorised provider for the service in each region?
3. What does the issuer publish about reserves and redemption, and how is that shown to your customers?
4. How will a change in an asset's status be communicated, and what happens to existing balances?

Where Axora fits

Axora is a financial technology platform. Fiat & Stablecoin Conversion is available to approved programmes. The supported assets for each programme depend on its region, its programme model and its providers. Services for EU/EEA end users can only be provided through a separately authorised EU provider, and what is available is shown when the end user applies.

Next steps

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