Treasury’s April 2026 NPRM operationalizes state path for “state qualified payment stablecoin issuers” — nonbank entities with up to $10B outstanding. Two-tier structure: uniform federal requirements plus state-calibrated flexibility, provided outcomes are at least as stringent as federal framework.
Issuers crossing $10B must transition to federal oversight or stop issuing. Comments due June 2, 2026. No new stablecoin-specific charter — uses existing banking charter pathways.