Tether T-bills

The AICPA submitted a comment letter to the OCC on May 22, 2026 urging incorporation of its 2025 stablecoin reporting criteria into GENIUS Act (P.L. 119-27) rulemaking, advocating for monthly reserve attestations under AICPA SSAE standards and annual controls examinations. The letter confirms OCC GENIUS Act rulemaking remains in the notice-and-comment phase as of May 22, 2026, with no final rules issued and issuer compliance effective date still set for January 18, 2027.

The AICPA submitted a comment letter encouraging the OCC to incorporate AICPA stablecoin criteria into GENIUS Act rulemaking. The letter advocates for monthly examinations over reserves performed in accordance with the AICPA Statements on Standards for Attestation Engagements.

CoinMarketCap live data as of May 21, 2026 shows USDT circulating supply at 189.84B tokens with market cap of $189.66B and price at $0.999017, confirming peg stability. Supply is up from the Q1 2026 BDO Italia ISAE 3000R attestation baseline of approximately $183.54B in outstanding liabilities as of March 31, 2026, consistent with a sub-$20B single-quarter swing and no section-13 falsification-threshold breach.

Circulating Supply of USDT is 189.84B. Market Cap: $189.66B. Current Price: $0.999017.

The Paradigm GENIUS Act rulemaking tracker as of May 21, 2026 shows 0 of 25 required final rules completed. Full compliance implementation remains set for January 18, 2027 (18 months after the July 18, 2025 enactment date). The tracker notes agencies face no formal penalties for missing statutory deadlines, introducing schedule uncertainty into the compliance timeline.

0/25 final rules completed. Full implementation set for January 18, 2027. Implementation timelines are largely suggestive -- while agencies try to stick to these deadlines, they face no formal penalties if they are not met.

Federal Reserve H.4.1 release for the week ended May 20, 2026 shows SOMA Bills (face value) at 459,607 million and total securities held outright at 6,437,719 million. Overnight reverse repurchase agreements averaged 342,628 million, consistent with T-bill market depth absorbing current reserve-sector demand without observable pricing pressure.

Bills: 459,607 million face value; Securities held outright: 6,437,719 million (week ended May 20, 2026). Reverse repurchase agreements: 342,628 million (week ended May 20, 2026).

CoinMarketCap live data as of 2026-05-20 shows USDT circulating supply at 189.86B with market cap of $189.69B and price at $0.999126. Compared with Tether Q1 2026 BDO Italia attestation reporting total liabilities of $183.54B at March 31 2026, USDT outstanding has grown by approximately $6.3B in approximately 7 weeks -- a peg-consistent moderate increase well below the $20B single-quarter swing falsification criterion.

Market Cap: $189.69B. Circulating Supply of USDT is 189.86B. Current Price: $0.999126.

Six federal bodies -- OCC, FDIC, NCUA, FinCEN, Treasury, and OFAC -- have issued GENIUS Act proposed rules between December 2025 and May 2026, confirming a January 2027 compliance effective date. Tracks issuer readiness and the state-vs-federal regulatory divide for stablecoin oversight.

Six federal bodies -- OCC, FDIC, NCUA, FinCEN, Treasury, and OFAC -- have all issued proposed rules between December 2025 and May 2026 ahead of the January 2027 effective date.

US Treasury TIC March 2026 release (published 2026-05-18) shows net foreign capital inflows of $150.7B for March 2026; primary treasury.gov unreachable, sourced via Investing.com. Foreign residents decreased their holdings of US Treasury bills by $16.8B in March 2026, while net foreign private inflows totaled $162.1B and net foreign official outflows were $11.4B. Provides T-bill market-depth context: a $16.8B net T-bill supply release is small relative to the approximately $6.5T T-bill float and consistent with no observable pricing pressure from stablecoin reserve demand.

Foreign residents decreased their holdings of U.S. Treasury bills by $16.8 billion in March 2026. Net foreign private inflows totaled $162.1 billion, while net foreign official outflows were $11.4 billion. Total TIC inflow: $150.7 billion.

Chapman and Cutler LLP GENIUS Act rulemaking tracker updated May 15, 2026 shows no final rules issued across approximately 20 or more distinct rulemaking requirements, with most agency deadlines set for July 18, 2026. The GENIUS Act compliance effective date remains the earlier of January 18, 2027 or 120 days after final rules are issued, corroborating the Paradigm tracker in pack entry f006049e-223a-466e-aea8-b7e3c41da34d.

The GENIUS Act officially takes effect on the earlier of January 18, 2027, or 120 days after final rules are issued. Most rulemaking deadlines were set for July 18, 2026; as of May 2026, regulators remain in the notice-and-comment phase rather than issuing final rules.

Federal Reserve H.4.1 weekly release for the week ended May 13, 2026 shows SOMA T-bill holdings (face value) averaging $446.5B and total securities held outright at $6,426.8B. Overnight RRP balance averaging $299.6B -- low relative to the 2022-2024 peak above $2T -- is consistent with T-bill market absorbing demand without observable pricing pressure from stablecoin reserve flows.

Bills: 446,528 million face value; Securities held outright: 6,426,808 million (week ended May 13, 2026). Reverse repurchase agreements: 299,605 million (week ended May 13, 2026).

SIFMA US Treasury Securities Statistics updated May 13, 2026 report total US Treasury securities outstanding at $30.7T as of April 2026, up 7.4% year-over-year. The Q4 2025 SIFMA Research Quarterly places T-bill share at approximately 21.6% of total UST outstanding, implying approximately $6.5T-$6.6T in marketable T-bill float -- the market-depth denominator for evaluating Tether's direct holdings.

Total UST Outstanding: $30.7 trillion (April 2026, updated May 13, 2026); +7.4% year-over-year. T-bill share approximately 21.6% of total UST outstanding as of Q4 2025, equating to approximately $6.5 trillion in T-bill float.