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The GENIUS Act's compliance deadline lands on January 18, 2027, but the rules that will define it are still being written. Four federal regulators, including the U.S. Department of the Treasury, have proposed rules covering reserve requirements, the ban on paying yield to holders, and licensing for Tether's USDT, Circle's USDC, and every other payment stablecoin sold in the United States. This analysis breaks down what the law requires today, and what remains unresolved as the deadline approaches.

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