The U.S. Department of the Treasury has proposed a new regulatory framework for stablecoins under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Announced on April 1, the framework seeks to harmonize state and federal oversight of stablecoin issuers, inviting public comment to refine the approach. The proposal outlines principles for determining whether state-level regulations align with federal standards, allowing states to regulate issuers with total issuance below $10 billion if their frameworks are comparable. The GENIUS Act, enacted in July 2025, aims to establish a comprehensive system for payment stablecoins, defining them as digital instruments with fixed redemption expectations. Federal agencies, including the FDIC, NCUA, and OCC, will oversee issuers, while qualified state issuers can operate under approved state regimes. Public comments on the proposal are open for 60 days, with submissions available through the federal rulemaking portal to ensure transparency.