TLDR:GENIUS Act’s one-year rule deadline passed on July 18, 2026, with zero final rules issued.Stablecoin supply grew 18.6% to $308.1 billion despite the unfinished regulatory framework.USDT and USDC together control 83% of the stablecoin market as rules remain drafts.Full regulatory effect now shifts to January 18, 2027, regardless of rulemaking progress.The GENIUS Act reached its first anniversary on July 18, 2026, without a single final rule published by regulators. The statutory deadline for completing payment stablecoin regulations passed with eight proposals still pending across several federal agencies. Meanwhile, the stablecoin market expanded from $259.7 billion to $308.1 billion over the same period, an 18.6% increase recorded entirely under an unfinished regulatory framework. The law’s full effect now shifts to January 18, 2027, regardless of rulemaking progress.Market Growth Outpaces Regulatory ProgressOn-chain data pulled on July 19 confirmed the scale of the gap between law and enforcement. Total stablecoin supply climbed from $259.7 billion at signing to a May peak above $320 billion. It settled at $308.1 billion by the missed deadline, showing steady expansion despite regulatory delays.Four agencies hold responsibility for finalizing GENIUS Act rules, and none has completed the process. The OCC proposed a broad implementing rule in March covering reserves, capital and custody standards. The FDIC and NCUA submitted separate prudential and licensing proposals, while Treasury addressed state-level regulation in April.Market concentration adds weight to the delay, since two issuers control most circulating supply. USDT and USDC together represent about 83% of the stablecoin market, meaning any final rule shapes their operations directly. USD1, the World Liberty Financial token, has grown into the fifth-largest stablecoin despite limited scale a year ago.An institutional cohort has expanded inside this regulatory gap throughout the GENIUS Act’s first year. PayPal’s PYUSD, BlackRock’s BUIDL, Ripple’s RLUSD and Paxos-backed USDG all grew without finished federal guidance. These issuers built market share while the rules meant to govern them remained in draft form.Stablecoin Issuers Face Uncertainty Ahead Of 2027 DeadlineCongress built a backstop into the original legislation covering scenarios where deadlines slip. The Act takes effect on the earlier of January 18, 2027, or 120 days after final rules publish. Since no rule finalized after September 20 can move that date earlier, January 18 now stands as the effective start.Draft proposals outline requirements without yet carrying legal force for issuers. Reserves must sit one-to-one in cash and short-dated Treasuries under current drafts. Redemptions would need processing within two business days, alongside a five-million-dollar capital floor from OCC language.Individual issuers face different exposure depending on their current structure and market. Circle’s USDC has the most riding on final capital and reserve requirements. Tether launched USAT, a US-compliant token, anticipating rules that remain unpublished a year later.Stablecoins function as the settlement layer beneath most crypto market activity today. Every DEX pair and on-chain treasury operates on infrastructure lacking finished US legal grounding. The market added $48 billion in new supply without waiting for regulatory certainty to arrive.The post GENIUS Act Turns One Year with Zero Final Rules as Stablecoin Market Tops $300B appeared first on Blockonomi.