- The US is tightening control over stablecoins.
- Regulators have proposed new requirements for issuers of this category of crypto assets.
- They concern the introduction of a customer identification program.
The US Federal Reserve, together with a number of financial regulators, has proposed introducing a mandatory Customer Identification Program (CIP) for issuers of payment stablecoins. The initiative implements the provisions of the GENIUS Act and is intended to strengthen the fight against money laundering, terrorist financing and other illegal operations with digital assets.
After its publication in the Federal Register on June 22, 2026, the document will be open for public comment for 60 days.
New requirements for stablecoin issuers
Under the proposal, permitted payment stablecoin issuers (PPSI) will be treated as financial institutions under the Bank Secrecy Act.
Stablecoin transaction volume is driving the market toward $1.5 quadrillion due to a generational shift — report 09.04.2026 Read
Regulators propose to require such companies to:
- develop a written customer identification program;
- verify the identity of each customer based on a risk-based approach;
- retain information about the results of the checks;
- screen users against lists of individuals and organizations linked to terrorist activity;
- implement procedures for cases when a customer's identity cannot be confirmed.
Issuers will also be able to use the infrastructure of parent banks or rely on the checks of other regulated financial institutions, provided certain AML/CFT control requirements are met.
Fed Vice Chair for Supervision Michael Barr stated that the existing control mechanisms are not enough to counter illegal activity in the digital asset sector:
"While some digital asset service providers are subject to anti-money laundering and counter-terrorism financing requirements in their jurisdictions, it is still too easy for bad actors to bypass these restrictions and operate unnoticed during digital asset transactions."
Regulators tighten control amid market growth
The initiative became another step after the adoption of the GENIUS Act in the US, which created a regulatory framework for the stablecoin market.
Despite the tightening of regulatory oversight, analysts continue to assess the segment's prospects positively. In particular, JPMorgan previously stated that the stablecoin market could grow to $500 billion-$600 billion by 2028. At the same time, the bank's experts stressed that an increase in transaction volumes will not necessarily lead to a proportional rise in market capitalization due to a higher velocity of asset circulation.
Moody’s also believes that stablecoins currently do not pose a significant threat to the traditional banking sector. Digital Economy Group Associate Vice President Abhi Srivastava attributed this to the ban on yield-bearing stablecoins in the US and the country's developed payment infrastructure.
In the opinion of US regulators, the new requirements should help integrate stablecoins into the financial system without increasing the risks associated with money laundering, sanctions evasion and the financing of illegal activity.
Source: Incrypted
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