The GENIUS Act in it’s March 3, 2025 revision would grant states supervisory authority over stablecoins with a market cap of up to $10 billion, while issuers with a higher market cap could apply for a waiver by meeting specific criteria, like demonstrating strong capital reserves and solid track record, which would allow them to remain under state supervision instead of federal oversight

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States would now be allowed to oversee stablecoin issuers in collaboration with federal authorities with a market cap of up to $10 billion, giving them greater power in regulating a larger portion of the stablecoin market. The newest draft of the bill also includes a waiver process, allowing larger issuers to remain solely under state supervision if they meet specific criteria. To get a waiver and remain under state supervision, stablecoin issuers must demonstrate strong capital, a good track record, and be supervised by what the bills calls an experienced state regulator.