Five dates that matter
When does the law actually apply? Its text, Public Law 119-27, and the first final rule written under it give five dates.
| Date | What happens |
|---|---|
| July 18, 2025 | Signed into law |
| July 18, 2026 | Section 13 deadline for regulators to issue implementing rules |
| October 23, 2026 | The OCC publishes the first final rule, 195 pages long in the Federal Register |
| January 18, 2027 | The Act and the OCC rule take effect |
| July 18, 2028 | Platforms may no longer offer or sell payment stablecoins from issuers without US permission |
Section 20 sets the start as whichever comes first, 18 months after enactment or 120 days after the federal regulators issue final rules. The OCC’s final rule does the sum. As the first such rule, issued three months past the section 13 deadline, its 120-day mark would fall after January 18, 2027, so the 18-month date stands and fixes when the law starts.
What issuers must do
Backing has to be at least one to one, in cash-like assets that the Act lists one by one, such as bank deposits and Treasury securities with 93 days or less to run. Each month the issuer publishes its reserves, a registered public accounting firm examines that report in a reserve attestation, and the chief executive and chief financial officer certify it.
Two dollar lines matter. Issuers with more than $50 billion outstanding that do not already report to the SEC must publish audited annual statements, while those with $10 billion or less may opt for a state regime. On November 8, 2026, data provider DefiLlama put only USDT, at $176.8 billion, and USDC, at $70.6 billion, above $50 billion, with every other coin under $10 billion.
Interest is out. Section 4 bars issuers from paying holders “any form of interest or yield” solely for holding, using or keeping the coin.
Where holders will see it
Under the OCC rule, an issuer has to state in plain language who issues the coin, that it is the party obliged to redeem it, where its monthly reserve report sits and every fee for buying or redeeming. The same disclosure must say the coin is not legal tender, not a deposit and not covered by FDIC insurance.
Names are policed too, since the Act bars “United States” or “USG” from a coin’s name while allowing “USD”.
Not in force yet
The usual mistake is to treat the Act as already binding. On November 8, 2026, it was 71 days from taking effect, and the ban on platforms selling coins from issuers without permission waits until July 18, 2028.
Even then it has limits. Section 3 does not apply to direct transfers between two people acting for themselves without an intermediary, or to transactions through a software or hardware wallet that lets a person hold their own coins, the kind of self-custody wallet the ban leaves alone. In the EU, the comparable rules for e-money tokens under MiCA have applied since June 30, 2024.