"Treasury released the GENIUS Act stablecoin licensing rules Monday, setting out who needs a federal license to issue or sell stablecoins in the United States. The Notice of Proposed Rulemaking sets out two core frameworks. First, it defines what it means to issue a payment stablecoin in the United States, clarifying when an issuer needs a GENIUS Act license. Second, it defines what it means to offer or sell a stablecoin to someone in the United States, clarifying when and how stablecoins can reach US markets."