The news
U.S. stablecoin rules moved closer to completion in September 2026, while banks in the U.S. and Canada advanced tokenized deposits and the Eurosystem launched a central bank settlement service for tokenized assets, giving corporate treasurers two new forms of digital cash to evaluate before the GENIUS Act licensing requirement begins on January 18, 2027.
Treasury said in August that, starting that date, issuers of payment stablecoins, tokens designed to hold a steady dollar value, must hold a federal or state license. From July 18, 2028, only stablecoins from licensed issuers may be offered to U.S. persons. On September 24, the Federal Reserve proposed reserve, capital and risk management standards for the issuers it supervises, plus an application process for its member banks. Payments Dive reported that the Fed missed a July 2026 statutory deadline and that no agency has finalized its rules. Comptroller of the Currency Jonathan Gould said in August that the OCC would have a final rule out by November.
Congress left a major question open. On September 15, the Senate fell short of the 60 votes needed to advance the CLARITY Act, a crypto market structure bill, on a 50-49 vote, Payments Dive reported. The bill's stablecoin language, written by Sens. Thom Tillis and Angela Alsobrooks, would have barred rewards on stablecoin balances that are "economically or functionally equivalent" to interest on bank deposits. Senators are scheduled to leave Washington in early October and not return until after the November elections, according to Payments Dive.
Banks pushed their alternative. On September 22, six Canadian banks (BMO, CIBC, National Bank, RBC, Scotiabank and TD) said they will explore a Canadian-dollar tokenized deposit system. On September 24, The Clearing House picked Quant to provide the technology layer for a U.S. network for clearing tokenized deposits between banks, connected to its RTP and CHIPS systems and expected to be available in the first half of 2027. Central banks moved too: on September 21, the Eurosystem launched Pontes, a service that settles wholesale tokenized asset transactions in central bank money, with Deutsche Bank, Santander and Societe Generale among the first participants.
Tokenized deposits are ordinary bank deposits recorded on blockchain-style ledgers. Law firm Paul Hastings noted that the FDIC has proposed clarifying that deposit insurance does not depend on the technology a bank uses to record deposits.
The numbers
- GENIUS Act licensing requirement begins
- January 18, 2027
- Only licensed issuers' stablecoins offered to U.S. persons from
- July 18, 2028
- Senate vote on advancing the CLARITY Act (60 needed)
- 50-49
- Visa stablecoin settlement annualized run rate (per Visa, September 8, 2026)
- More than $20 billion
- Expected availability of The Clearing House tokenized deposit network
- First half of 2027
Why CEOs should care
For treasurers, the first task is an inventory. List every place stablecoins touch your business: supplier or contractor payouts, cross-border collections, card programs run by partners, or customer payments you accept. Visa said on September 8 that more than 160 stablecoin-linked card programs run on its network and that its stablecoin settlement volume had passed a $20 billion annualized run rate. For each token, ask whether its issuer is on track for a U.S. license by January 18, 2027, and flag foreign stablecoins that could lose U.S. distribution after July 18, 2028. Add issuer licensing status to your counterparty policy.
CFOs should not build cash plans around yield on stablecoin balances. The CLARITY Act's failure leaves the rewards question unsettled in law, and Fed Governor Michael Barr has stressed that stablecoins must redeem at par even in stress. Tokenized deposits may be the more familiar option for operating cash, because they remain bank deposits. Ask your relationship banks whether they will join The Clearing House network, what 24-hour liquidity and automated payment features they plan, and how deposit insurance and account agreements would apply.
Boards should approve a short digital cash policy covering which instruments are allowed, limits per counterparty and who can authorize wallets. Companies with views on reserve assets, redemption timing or bank participation should file comments on the Fed proposals, which run 60 days after Federal Register publication.
The bigger picture
Three models of digital money are now moving in parallel: licensed stablecoins, tokenized bank deposits and settlement in central bank money, as with Pontes. OCC data show how quickly the private side is moving: Gould said 23 of 40 new charter applications received in about 18 months involved digital assets. U.S. regulators are behind the statute's own timetable, which leaves companies to plan with proposed rather than final rules.
What’s next
Watch for the OCC's final rule by November, the Fed's comment deadline once its proposals are published, and whether Congress revisits market structure after the elections. The Clearing House network's 2027 launch and the Eurosystem's target of full Pontes implementation by 2028 will show whether banks and central banks can offer treasurers a regulated alternative before stablecoins become entrenched in corporate payments.
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