Stablecoin rules 2026: MiCA, GENIUS Act and enterprise use

EU and U.S. regulatory changes in 2025–26 established clear legal frameworks for enterprise use of stablecoins in treasury, payments and card issuance.

In the EU, Markets in Crypto‑Assets (MiCA) stablecoin rules covering asset‑referenced tokens and e‑money tokens have applied since June 2024. The crypto‑asset service provider authorization regime has applied since December 2024. The EU‑wide transitional period for existing providers ended on July 1, 2026. After that date, firms must hold full MiCA authorization to offer crypto‑asset services to EU customers.

In the United States, the GENIUS Act was signed into law in July 2025 and established a federal framework for payment stablecoins. Federal agencies, including the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, issued proposed rules and worked toward final rules through 2026. The statute provides a pathway for regulated banks and payment firms to distribute stablecoins and offer custody services.

The EU is also updating anti‑money‑laundering rules. The AML Directive 6 measures and a directly applicable EU AML Regulation are scheduled to apply from July 2027. The new EU Anti‑Money‑Laundering Authority began standing up in 2026 and started selecting entities for direct supervision. The AML package will bring MiCA‑authorized crypto‑asset service providers within the set of obliged entities. Identity‑verification firms point to inconsistent beneficial‑ownership disclosure across member states as a key business verification challenge that the EU AML measures aim to address.

In the Asia‑Pacific region, Singapore’s Project Guardian and Hong Kong’s Project Ensemble are developing technical and legal pathways for cross‑border movement of value and identity. Industry data show the region accounts for roughly 60% of global stablecoin payment volume, making cross‑border interoperability efforts relevant for many corporate flows.

Market participants report that technical operating issues-settlement speed measured in minutes, fraud detection at scale, and sub‑two‑second card authorization-have been resolved in production environments. Firms building B2B platforms are integrating continuous know‑your‑business checks, automated onboarding triggers and transaction‑level sanctions screening as part of product design. Banks and payment providers are evaluating whether to build these capabilities in house, partner with existing providers, or acquire them.

Outstanding issues include accounting treatment under US GAAP and IFRS for stablecoins used as operational cash, a limited enforcement record for the new frameworks, and a lack of industry‑wide agreement on portable verification decisions. Fraud risks such as synthetic identity schemes remain a developing challenge.

Regulatory frameworks in the EU and the U.S. now explicitly cover stablecoin payment systems. Remaining work for industry and policymakers includes cross‑border interoperability, accounting recognition and standards for verification and supervision.