The U.S. Treasury Department issued an interim final rule on September 30 establishing how states can seek federal approval to supervise payment stablecoin (cryptocurrency designed to maintain a stable value) issuers with no more than $10 billion in outstanding tokens. The rule took effect immediately, but Treasury will not accept state certifications until it completes a Paperwork Reduction Act review; public comments are due by November 30. Under the GENIUS Act, state regulators must demonstrate that their frameworks are substantially similar to federal requirements by filing signed attestations, explanatory narratives and supporting statutes and regulations. The Stablecoin Certification Review Committee, chaired by the Treasury Secretary and including the Federal Reserve Chair and the FDIC Chairman, will approve or reject each state regime. States must recertify annually, with approvals suspended when filings are late. The framework also establishes procedures for denials, a two-year cure period, resubmissions and appeals. It is part of the broader GENIUS Act implementation that began after the law was enacted in July 2025, alongside separate Treasury and Federal Reserve rulemakings on stablecoin oversight.