Enacted law, proposed rules and company-reported deployments
The GENIUS Act became law in July 2025. The Federal Reserve's September 2026 implementation and application measures remain proposals in the cited notices, both with November 30 comment deadlines. Separately, Citi and Fiserv have announced commercial-service developments. Those announcements establish what the companies report, rather than an independent assessment of cost, reliability or adoption. Sources: 1, 3, 4, 5, 6
What changed
September brought the Fed's proposed operating framework and Citi's reported expansion into Japan and the UAE. On October 1, Fiserv said its Digital Asset Platform was live with financial-institution clients, naming Roughrider Coin as the first use case. Rulemaking progress and a production announcement answer different questions: what requirements may apply, and what a provider says is available. Sources: 2, 5, 6
Essential context
The token does not define the financial claim
Under the GENIUS Act's definition, payment stablecoins are designed for payment or settlement and involve an issuer's obligation to convert or redeem for a fixed amount of monetary value. The definition excludes deposits, including deposits recorded using distributed-ledger technology. Thus a tokenized bank deposit and a payment stablecoin are not interchangeable legal categories merely because both use tokens. Sources: 1
Availability, adoption and terminology
Citi describes a private-permissioned network using tokenized deposits for corporate and financial-institution clients. Fiserv calls Roughrider Coin a stablecoin; Bank of North Dakota calls it a token deposit and says participation is voluntary and limited to financial institutions. This page preserves those descriptions without resolving the product's legal classification. A live network or an eligible-institution count alone does not measure active use. Sources: 5, 6, 7
Enactment is distinct from general effectiveness
Section 20 of the GENIUS Act sets general effectiveness at the earlier of 18 months after enactment or 120 days after the primary federal payment stablecoin regulators issue final implementing regulations. A proposed rule does not itself demonstrate that final-rule trigger. Sources: 1
How we got here
- Enacted law
GENIUS Act enacted
Public Law 119-27 established the U.S. payment-stablecoin framework, with a separate statutory effectiveness trigger. Sources: 1
- Proposed rules
Federal Reserve announces two proposals
One addresses reserve backing, capital and risk standards; the other covers applications for insured state member banks seeking approval for stablecoin-issuing subsidiaries. Sources: 2
- Company announcement
Citi announces Japan and UAE expansion
Citi says Token Services is live in seven markets, with U.S.-dollar transactions in Japan and dollar and euro transactions in the UAE. Sources: 5
- Proposed rules published
Fed proposals published
The Federal Register notices set November 30, 2026 comment deadlines. Publication as proposed rules is not final adoption. Sources: 3, 4
- Company announcement
Fiserv reports production launch
Fiserv says its platform is live with financial-institution clients and identifies Roughrider Coin as its first use case, with VersaBank as issuer and transactions processed on Solana. Sources: 6
What remains unresolved
What will the final operating requirements say?
The cited Fed notices leave room for changes after comments, including reserve, capital and application details. Sources: 3, 4
How widely will these networks be used?
Company-reported availability does not by itself establish repeat usage, comparable costs or performance under stress. Sources: 5, 6
How will services connect across institutions and networks?
Citi's enabled-account network and Roughrider Coin's financial-institution network have defined boundaries. Broader interoperability and demonstrated customer value remain separate questions from a launch. Sources: 5, 7
Primary sources
- GovInfo: GENIUS Act, Public Law 119-27 ↗
Source date: Jul 18, 2025
Section 2 definitions and deposit exclusion; section 20 general effective-date trigger; enactment date.
- Federal Reserve: two GENIUS Act proposals announced ↗
Source date: Sep 24, 2026
Two proposed measures, reserves, capital, risk management and application procedures.
- Federal Register: Fed substantive implementation proposal ↗
Source date: Sep 29, 2026
Proposed status, publication and November 30, 2026 comment deadline.
- GovInfo: Fed application-procedure proposal ↗
Source date: Sep 29, 2026
Proposed procedures for insured state member bank subsidiaries; November 30, 2026 comment deadline.
- Citi: Token Services expansion into Japan and UAE ↗
Source date: Sep 28, 2026
Company-reported markets, currencies, client scope, tokenized deposits and private-permissioned network.
- Fiserv: Digital Asset Platform goes live ↗
Source date: Oct 1, 2026
Company-reported production status, first use case, issuer, blockchain and stablecoin terminology.
- Bank of North Dakota: Roughrider Coin program ↗
Undated program page; checked October 3, 2026
Token-deposit terminology; voluntary use limited to financial institutions.
Targeted review of the primary sources linked on these two pages. Dates describe source events, not a promise of continuous monitoring.