# GENIUS Act Stablecoin Tracker

> GENIUS Act tracker: the effective date and rulemaking, issuers seeking approval and the on-chain supply of USDC, USAT, PYUSD, USDG, RLUSD and USD1.

Markdown copy of https://voltfincrypto.com/apps/genius-act-stablecoin-tracker

**Question:** Which stablecoins are moving into the GENIUS Act regime before it takes effect, and how much supply do they hold on-chain?

- Kind: Report in Voltfin Folio
- Topic: [Stablecoins](https://voltfincrypto.com/topics/stablecoins)
- Chains: Multi-chain, Ethereum, Solana, XRP Ledger
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

The GENIUS Act is the US law for payment stablecoins, signed in July 2025. It sets who may issue a payment stablecoin in the United States, what reserves must back it and how issuers are supervised. It takes effect on the earlier of eighteen months after signing or 120 days after regulators finalize their rules. This report follows that timeline each month and measures, on-chain, the supply of the coins moving into the regime.

Most of the law happens off-chain, in rulemaking, charters and approvals; those facts are cited to their public sources. The supply side is on-chain: each covered coin's circulating supply by chain and the share held by US-regulated issuers against offshore ones, read from the token contracts with receipts.

## Blueprint

### Where the law stands

The effective date that now applies, the rules proposed and finalized since the last edition and the deadlines still ahead, each cited to its document.

Cites: Days until the effective date.

### Issuers in the regime

Each issuer that has applied for or received a charter or approval, with its regulator, the coins it issues and the documents cited.

Cites: Issuers approved; Issuers with applications pending.

### Supply of covered coins

Circulating supply of each covered coin at month end and its change on the month, read from the token contracts.

Cites: Supply by covered coin; Change on the month.

### US-regulated against offshore

The share of dollar stablecoin supply held by covered coins against coins from offshore issuers, and how it moved.

Cites: US-regulated share of dollar stablecoin supply.

### Where covered coins live

Supply of covered coins by chain, and the chains each issuer has launched on.

Cites: Covered supply by chain.

### What changes for holders

Reserve, redemption, disclosure and freezing rules as they take shape, in plain words, with what each means for someone holding a covered coin.

## How it will be measured

- Law and rulemaking facts, such as effective dates, proposed and final rules, charters and approvals, are recorded from regulators' and issuers' public documents with their source and date.
- A coin counts as covered once its issuer has applied for or received approval under the Act or under a state regime the Act recognizes, each with the document that says so.
- Supply is each covered coin's totalSupply() at the last block of the month on every covered chain, minus issuer-held unissued tokens, with bridged copies counted once.
- The US-regulated share compares covered coins' supply with that of offshore issuers' dollar coins at the same blocks.
- Each edition is dated: its on-chain figures are pinned to blocks and its off-chain facts to documents published before that date.

## Data it needs

- `stablecoin_supply_global_daily` (published): Cross-chain native supply per stablecoin and peg per day, on the latest day every chain has reported.
- `stablecoin_supply_daily` (published): Native supply of each USD and EUR stablecoin on each covered chain at the chain's last block of each day, from totalSupply() reads, with bridged copies kept apart.
- `stablecoins` (published): Every tracked stablecoin contract: issuer, peg, chain, decimals and whether it is native or bridged.
- Source: Federal Register notices and OCC, FDIC, Federal Reserve, NCUA and Treasury releases on GENIUS Act rules, cited with their dates (off-chain)
- Source: Issuer charter and approval announcements, cited with their source (off-chain)
- Source: totalSupply() of USDC, USAT, PYUSD, USDG, RLUSD and USD1 contracts on each covered chain at month-end blocks
- Source: totalSupply() of offshore issuers' dollar coins at the same blocks, for the US-regulated share

## Questions

### What is the GENIUS Act?

The Guiding and Establishing National Innovation for US Stablecoins Act is the federal law for payment stablecoins. It limits issuance to permitted issuers, requires reserves of cash, short-term Treasury bills and similar assets at least equal to the coins outstanding, requires monthly reserve disclosures and gives holders priority if an issuer fails.

### When does the GENIUS Act take effect?

On the earlier of two dates: eighteen months after it was signed, which falls in January 2027, or 120 days after the federal regulators issue their final implementing rules. Each edition of this report records which of the two applies, with the rule documents cited.

### Which stablecoins does the GENIUS Act cover?

Payment stablecoins issued in the United States by permitted issuers: subsidiaries of insured banks, federally approved non-bank issuers and state-approved issuers below a size threshold. The report lists each coin whose issuer has applied or been approved, cites the document and tracks its supply.

### What is USAT?

USAT is a dollar stablecoin for the US market that Tether launched in January 2026, issued by Anchorage Digital Bank, a federally chartered bank, to fit the GENIUS Act framework. It is separate from USDT, and its supply is read from its own contract.

### Can GENIUS Act stablecoins pay interest?

The Act bars permitted issuers from paying interest or yield to holders of their payment stablecoins. How that applies to rewards offered by exchanges or to tokens that wrap a stablecoin is part of the rulemaking and the public debate this report follows.

### What happens to offshore stablecoins such as USDT in the US?

After a transition period, US service providers may offer only stablecoins from permitted issuers, or from foreign issuers whose home regime is found comparable and who meet the Act's conditions. The report tracks offshore issuers' supply beside covered coins so the shift can be measured.

## Glossary

- **Permitted payment stablecoin issuer**: An issuer approved under the GENIUS Act: a subsidiary of an insured bank, a federally qualified non-bank issuer or a state-qualified issuer.
- **Payment stablecoin**: The Act's term for a digital asset designed for payment or settlement that its issuer must redeem for a fixed amount of money.
- **OCC**: The Office of the Comptroller of the Currency, the federal regulator that charters national banks and supervises federally qualified non-bank stablecoin issuers under the Act.

## Related apps

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- [Stablecoin Market Share by Issuer](https://voltfincrypto.com/apps/stablecoin-market-share-by-issuer)
- [State of Stablecoins 2026: Supply, Share, Usage](https://voltfincrypto.com/apps/state-of-stablecoins-2026)
- [Stablecoin List Ranked by Circulating Supply](https://voltfincrypto.com/apps/stablecoin-list-by-circulating-supply)
- [USDT Blacklist Tracker: Frozen USDT and USDC Wallets](https://voltfincrypto.com/apps/usdt-blacklist-tracker)
- [Stablecoin Market Cap and Total Supply](https://voltfincrypto.com/apps/stablecoin-market-cap)

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