United States · Licensing guide
United States: Money Transmission and Payment Stablecoins
The state and federal layers that apply to payments and stablecoin businesses in the U.S.
Last reviewed 23 Oct 2026 by the Fintech Headlines desk against the official sources listed below.
Money transmission
Money transmitters generally register with FinCEN as money services businesses and must obtain licences in the individual states where they operate, subject to state-specific exemptions.
Payment stablecoins
The GENIUS Act, signed into law in July 2025, established a federal framework for payment stablecoin issuers, including reserve and supervision requirements. Implementing rules are being developed by the relevant agencies; check official sources for their current status.
Securities and derivatives
Depending on the facts, digital-asset activities may also fall within the remit of the SEC or the CFTC.
Official sources
This guide is general information, not legal advice. Rules change; confirm current requirements with the competent authority or qualified counsel.