|
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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