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The Stablecoin Rulebook: MiCA vs GENIUS

Category

MiCA · EU  (<$1B EUR Stablecoins) Goes fully live July 1

GENIUS · US  ($250B+ USD Stablecoins) Final rules due July 18

Who Can Issue?

Licensed EMT Issuer Only (E-Money / Credit Institution, EU-Authorized)

Permitted Issuers Only (Bank Subsidiary, OCC-Approved or State <$10B · No Non-Finance Firms)

Reserves

EU: 1:1, Segregated (Including Bank-Deposit Reserves)

100% In Cash & T-Bills (Segregated · No Rehypothecation)

Yield To Holders

Banned — No Interest To Holders

Banned — Including Indirect Routes Via Affiliates

Redemption

At Par, Anytime (Redemption Right Guaranteed)

Within 2 Business Days (Capped Fees · 7-Day Notice To Change)

Reporting

Whitepaper + Supervision (Ongoing Regulatory Reporting)

Monthly Reserve Attestation (+ CEO & CFO Certification)

Scale Limits

Caps On Non-Euro Coins (Limited As A Means Of Payment)

$10B Dual-Track Threshold (State vs Federal Oversight)

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