U.S Code last checked for updates: Aug 17, 2025
All TitlesTitle 12Chapter 56
§ 5916.
Exception for foreign payment stablecoin issuers and reciprocity for payment stablecoins issued in overseas jurisdictions
(a)
In general
The prohibitions under section 5902 of this title shall not apply to a foreign payment stablecoin issuer if all of the following apply:
(1)
The foreign payment stablecoin issuer is subject to regulation and supervision by a foreign payment stablecoin regulator of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands that has a regulatory and supervisory regime with respect to payment stablecoins that the Secretary of the Treasury determines, pursuant to subsection (b), is comparable to the regulatory and supervisory regime established under this chapter, including, in particular, the requirements under section 5903(a) of this title.
(2)
The foreign payment stablecoin issuer is registered with the Comptroller pursuant to subsection (c).
(3)
The foreign payment stablecoin issuer holds reserves in a United States financial institution sufficient to meet liquidity demands of United States customers, unless otherwise permitted under a reciprocal arrangement established pursuant to subsection (d).
(4)
The foreign country in which the foreign payment stablecoin issuer is domiciled and regulated is not subject to comprehensive economic sanctions by the United States or in a jurisdiction that the Secretary of the Treasury has determined to be a jurisdiction of primary money laundering concern.
(b)
Treasury determination
(1)
In general
(2)
Request
(3)
Timing for determination
(4)
Rescission of determination
(A)
In general
(B)
Limited safe harbor
(5)
Public notice
(6)
Rulemaking
(c)
Registration and ongoing monitoring
(1)
Registration
(A)
In general
(B)
Registration approval
(C)
Standards for rejection
In determining whether to reject a foreign payment stablecoin issuer’s registration, the Comptroller shall consider 1
1
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(i)
the final determination of the Secretary of the Treasury under this section;
(ii)
the financial and managerial resources of the United States operations of the foreign payment stablecoin issuer;
(iii)
whether the foreign payment stablecoin issuer will provide adequate information to the Comptroller as the Comptroller determines is necessary to determine compliance with this chapter;
(iv)
whether the foreign payment stablecoin presents a risk to the financial stability of the United States; and
(v)
whether the foreign payment stablecoin issuer presents illicit finance risks to the United States.
(D)
Procedure for appeal
(E)
Rulemaking
(F)
Public notice
(2)
Ongoing monitoring
A foreign payment stablecoin issuer shall 1
(A)
be subject to reporting, supervision, and examination requirements as determined by the Comptroller; and
(B)
consent to United States jurisdiction relating to the enforcement of this chapter.
(3)
Lack of compliance
(A)
Comptroller action
(B)
Secretary action
(d)
Reciprocity
(1)
In general
The Secretary of the Treasury may create and implement reciprocal arrangements or other bilateral agreements between the United States and jurisdictions with payment stablecoin regulatory regimes that are comparable to the requirements established under this chapter. The Secretary of the Treasury shall consider whether the jurisdiction’s requirements for payment stablecoin issuers include 1
(A)
similar requirements to those under section 5903(a) of this title;
(B)
adequate anti-money laundering and counter-financing of terrorism program and sanction compliance standards; and
(C)
adequate supervisory and enforcement capacity to facilitate international transactions and interoperability with United States dollar-denominated payment stablecoins issued overseas.
(2)
Publication
(3)
Completion
(Pub. L. 119–27, § 18, July 18, 2025, 139 Stat. 463.)
cite as: 12 USC 5916
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