// definition
PPSI
Permitted Payment Stablecoin Issuer
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Short definition
A licensed payment-stablecoin issuer under the GENIUS Act. Only a PPSI may issue legally in the United States: an insured bank subsidiary, a non-bank issuer approved by the OCC, or a state-licensed issuer.
risk atlas
Knowledge map
Intuition
The PPSI status turns the stablecoin issuer into an explicitly supervised actor, with reserve, audit and AML obligations.
Formula
legal US stablecoin = licensed issuer + eligible reserve + audits + 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.