GENIUS Act Rules Are Reshaping the USDC vs. USDT Battle

The US stablecoin market is entering a new regulatory phase, with Circle’s USDC and Tether’s USDT facing different challenges as federal oversight takes shape. Last night, UK time, the Office of the Comptroller of the Currency (OCC) finalized rules implementing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The framework establishes requirements covering reserves, redemptions, risk management, reporting, and regulatory supervision, with an effective date of January 18, 2027. Circle could benefit from its established US regulatory positioning, while Tether faces questions about how its international stablecoin business will fit into the new framework. The stablecoin market has USDT’s market share at 60.7%, compared with 23.9% for USDC. Together, the tokens represented 84.6% of the market.

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