// definition
PPSI
Permitted Payment Stablecoin Issuer
Short definition
An issuer status established by the GENIUS Act: an approved subsidiary of an insured depository institution, a federally qualified issuer or a state-qualified issuer, subject to the Act’s conditions. The restriction on US issuance takes effect with the new regime; an existing bank charter alone does not confer PPSI approval.
risk atlas
Knowledge map
Intuition
The PPSI status turns the stablecoin issuer into an explicitly supervised actor, with reserve, audit and AML obligations.
Formula
GENIUS PPSI regime = issuer approval + eligible reserves + oversight + BSA complianceWhy it matters now
Licensed-issuer status is becoming the border between regulated tokenised dollars and more opaque offshore issuance.
Related analyses
- RealT in liquidationReal-estate RWA, off-chain title and on-chain promise.
- USDT on Tron and OFAC evasionStablecoins, sanctions and geopolitical payments.
Related guides
- Stablecoins and the GENIUS ActReserves, licensed issuers, audits and supervision.
- Who enforces the GENIUS ActOCC, FinCEN, OFAC, states and the enforcement architecture.
Related datasets
- catalog.jsonMachine-readable catalogue of l0g surfaces.
- claims.jsonClassified claims with their evidence level.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
Signals using it
- Risk DiffRecent change in risk and source freshness.
- Black Box RecorderHashed frames to replay a point-in-time state.
Primary sources
- Congress.gov & GovInfoLegislative texts, including the GENIUS Act and US crypto policy.
- U.S. Treasury Fiscal DataT-bills and short debt serving as stablecoin reserves.
- SEC EDGARDisclosures of listed issuers and crypto-exposed companies.
- Federal Reserve & FREDShort rates, dollar liquidity and risk-free assets.
- GENIUS Act, enacted lawSections 2, 3 and 20: PPSI status, issuance and the effective date.