AGGREGATE-CAP ~$310B 59 issuers · 17 Sep 2026 USDT ~$183B ~60% share USDC ~$74B EMT authorized (ACPR) USDS $7–10B aggregator divergence USDe ~$4.7B CoinScreener DAI ~$4.6B CoinScreener MiCA IN FORCE since 1 Jul 2026 GENIUS-ACT EFFECTIVE 18 Jan 2027 AGGREGATE-CAP ~$310B 59 issuers · 17 Sep 2026 USDT ~$183B ~60% share USDC ~$74B EMT authorized (ACPR) USDS $7–10B aggregator divergence USDe ~$4.7B CoinScreener DAI ~$4.6B CoinScreener MiCA IN FORCE since 1 Jul 2026 GENIUS-ACT EFFECTIVE 18 Jan 2027
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The Weekly Sovereign Brief · Issue № 004

The Missed Deadline and the November Gamble

17 September 2026 · Every figure below is drawn from the frozen register and carries its source. Reading time: 6 minutes.

  1. GENIUS Act: Statutory Deadline Missed, All Eyes on November

    The one-year statutory rulemaking window closed on 18 July 2026 without finalized implementing rules. The Office of the Comptroller of the Currency has re-targeted November 2026 for its prudential final rule. Critical nuance for desks: the Act's statutory effective date of 18 January 2027 stands regardless of where rulemaking sits — issuers are preparing against a deadline that arrives by operation of law, not by agency choice.

    High confidence

  2. Bank of England Draft: 70% Gilts, £40B Safeguard

    The June 2026 draft regime caps reserve allocation at 70% in short-dated gilts and sets a £40B issuance safeguard per coin. The Code of Practice is targeted for end-2026, with the regime operational in 2027 — and the FCA's full crypto regime follows on 25 October 2027.

    High / Medium

  3. MiCA Is No Longer a Forecast

    The transition period ended 1 July 2026. The e-money token regime is fully applicable: USDC and EURC operate with ACPR authorization; USDT continues without EMT authorization in the Union. The EU case is now the live control group for every other jurisdiction's design choices.

    High confidence

  4. Register Reading, 17 September 2026

    Aggregate issuer market capitalization: ~$310B across 59 tracked issuers (Stablecoin Beat). USDT: ~$183B, roughly 60% of total supply. USDC: ~$74B. USDS prints $7–10B depending on aggregator perimeter — a methodological divergence we publish as a range, not a point. USDe ~$4.7B, DAI ~$4.6B (CoinScreener). No snapshot movement this week alters the regulatory picture.

    Per register

Methodology Note

You may see headline figures this week describing annualized stablecoin transfer volume in the tens of trillions. Those are raw flows — double-counted, wrapped and washed. We do not publish them as settlement value and neither should your desk. Our figures come from the frozen register under the eight-field rule; methodology is public on the methodology page.

Next Issue

№ 005 · 24 September 2026 — OCC final rule status check, BoE Code of Practice watch, register refresh. One week closer to 18 January 2027.