They will be required to back tokens with short-term Treasury bills or other highly liquid assets. In addition, issuers must set aside extra coverage for operational risk. This is calculated on a progressive scale: 2% on the first $20 billion of stablecoins in circulation, 1.5% on the next $30 billion, and 1% on any amount above $50 billion. Additional capital requirements based on credit and operational risks are also being introduced. At the same time, issuers’ own capital must be at least $5 million. The new rules also require issuers to process redemption requests within two business days. In addition, they must publish monthly audited reserve reports. GENIUS will take effect on January 18, 2027.