Retail stablecoins are widely used in the U.S., with supply dominated by USDT and USDC. The federal GENIUS Act—enacted July 18, 2025—creates a national regime for "payment stablecoins," requiring 1:1 liquid reserves, a timely redemption policy with fee disclosure, and monthly publication of reserve composition; most obligations take effect on the earlier of 18 months after enactment or 120 days after final rules, which agencies are still finalizing. In April 2026, FinCEN and OFAC published a joint NPRM under the Providing Payments Security and Integrity (PPSI) framework, proposing AML/sanctions compliance obligations for stablecoin issuers and intermediaries; the comment period is ongoing.