Stablecoin issuer Circle submitted recommendations to the U.S. Treasury Department on Tuesday regarding implementation of the GENIUS Act, advocating for uniform regulations across all market participants. The company urged equal treatment for banks, nonbanks, domestic and foreign stablecoin issuers under the framework.

Circle emphasized that payment stablecoins should maintain full backing with cash and high-quality liquid assets, separated from company funds and redeemable on demand. The firm called for transparent monthly audits and public reporting to verify backing assets remain available even during issuer failures.

This story is an excerpt from the Unchained Daily newsletter.

President Donald Trump signed the GENIUS Act into law in July, establishing a federal framework for payment stablecoins. The legislation takes effect either 18 months after enactment or 120 days following regulatory approval of implementation rules.

Circle stressed that identical compliance requirements should apply regardless of issuer type, preventing regulatory shortcuts that could expose consumers to risk. The company also requested clear enforcement consequences and safe harbor protections for good-faith compliance efforts.