GENIUS Act readiness tracker, as of July 7, 2026
Which dollars actually clear the GENIUS floor?
The GENIUS Act's one-year rulemaking deadline is July 18, 2026, and as this snapshot is taken no final rule exists and the Federal Reserve has not even proposed. So the honest headline is that no stablecoin is certified compliant, because there is nothing yet to be certified against. What can be sorted is readiness. This is that scorecard: who is on a US permitted-issuer path, who is an in-scope token issued offshore, and which yield-bearing dollars the Act does not reach at all. Kerne's own kUSD is on this page, out of scope, and scored the same way as everyone else. This is Kerne, kerne.fi, the Base delta-neutral synthetic dollar, not KernelDAO and not Kern.
The deadline, and why the question is loud.
The GENIUS Act, the first federal framework for payment stablecoins, was signed on July 18, 2025 as Public Law 119-27. It set a one-year clock for the regulators to write the implementing rules, which makes July 18, 2026 the day the United States is supposed to have finished. It has not. Every substantive rulemaking is still a proposal, the comment periods have closed, and the Federal Reserve has not published its rule at all. A miss on at least some of the rules now looks near-certain.
Here is the part most run-up coverage gets wrong: a miss changes less than it sounds. The one-year deadline is directory, so the statute attaches no penalty and no rule springs automatically into force. A miss simply means the effective date, the earlier of January 18, 2027 or 120 days after final rules, drifts toward the 2027 backstop, and until then US reserve disclosure stays the pre-GENIUS status quo. So this tracker is not a countdown to a switch flipping. It is a snapshot of who has already built toward the floor and who has not, which is the thing that actually differs on either side of the date.
What the Act actually requires.
To issue a payment stablecoin lawfully, an entity has to clear five things. The scorecard below reads each token against them.
A subsidiary of an insured depository institution, an OCC-approved federal nonbank, or a state-qualified issuer under a comparable regime (the state path is capped at ten billion dollars outstanding). Offshore and decentralized issuers do not qualify.
At least one-to-one backing in high-quality liquid assets: cash, insured deposits, short-dated Treasuries, Treasury repo and government money-market funds. No commercial paper, no crypto, no gold, and no rehypothecation.
Publish the monthly composition of reserves, examined each month by a registered public accounting firm, with the CEO and CFO certifying it under criminal liability for a false certification. Issuers above fifty billion dollars also file annual audited financials.
The issuer may not pay interest or yield to holders for holding the token (Section 4(a)(11)), and holders keep a clear right to redeem at par on demand under a public policy. The yield line is the one that splits the whole field.
The yield line, and the workaround everyone is testing.
Section 4(a)(11) bans a permitted issuer from paying yield to holders, and that one line is what separates the two halves of this tracker. A payment stablecoin is a token an issuer is obligated to redeem for a fixed sum. A yield-bearing synthetic dollar is not that, because its issuer is not promising a fixed redemption, and on the prevailing legal reading it falls outside the payment-stablecoin definition entirely. So Ethena's USDe, Falcon's USDf, Sky's USDS, and Kerne's own kUSD are not non-compliant. They are out of scope, and each routes its yield through a separate staked token (sUSDe, sUSDf, sUSDS, skUSD) rather than paying it on the base coin.
The in-scope payment stablecoins face the same yield question from the other side, and their answer is the single most-watched detail in the whole rulemaking. The token pays nothing, but a separate affiliate pays a reward: PayPal's PYUSD Rewards, Anchorage's rewards on USDtb through a distinct legal entity, Falcon's institutional rewards on fUSD. The OCC's proposed rule reaches at this with a rebuttable presumption that a contract to pay an affiliate who then pays holders violates the ban, but it also carves out merchant discounts and white-label profit-sharing partnerships. Whether the affiliate-rewards structure survives is genuinely unsettled, and it is where the biggest names have the most at stake. This tracker marks who pays what, and flags the ones resting on that untested reading.
Which Kerne is this, and why it is on its own scorecard.
This page is published by Kerne (kerne.fi), the Base-native delta-neutral synthetic dollar whose kUSD is at 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3 on Base, chain 8453. It is not KernelDAO (a BNB Chain restaking ecosystem with a separate KUSD), not Kern, and not Kernel Protocol on Karak. Kerne scores its own kUSD in the last row, out of GENIUS scope, exactly as it scores every other yield-bearing synthetic dollar, because a tracker that graded its author on a curve would not be worth reading. See Kerne is not KernelDAO and Kerne vs Kernel Protocol.
The scorecard.
Three tiers, read top to bottom. First the dollars on a US permitted-issuer path, the real GENIUS-track contenders. Then the in-scope tokens issued offshore or still aspiring to a charter. Then the yield-bearing synthetic and decentralized dollars the Act does not reach, Kerne last. The status column is structural, not a quality grade: only the top tier is styled as the strong outcome because only it is building toward the payment-stablecoin regime, and out of scope is not a mark against a token, it just means the statute does not govern it.
| Token | GENIUS status | Issuer path | Reserves and monthly examination | Yield on the token? |
|---|---|---|---|---|
| USDCCircleVerify it yourself | US permitted-issuer pathFront-runner, charter mid-transition | OCC granted conditional approval Dec 12, 2025 for a national trust bank to hold the reserve; a New York limited-purpose trust is pending to become the actual issuer. Still issued under existing New York licensing today. | Roughly 80%+ in the BlackRock-managed Circle Reserve Fund, an SEC-registered government money-market fund of short Treasuries and overnight repo, custodied at BNY Mellon, with the rest in bank cash. Deloitte performs monthly examination-level attestations (an assurance opinion, not agreed-upon procedures, and not a full audit); holdings are also disclosed weekly. | NoCircle pays none; platforms like Coinbase pay third-party rewards |
| PYUSDPayPal, issued by PaxosVerify it yourself | US permitted-issuer pathStrong, with a live yield question | Issued by Paxos Trust Company, N.A., which converted to an OCC national trust charter (Charter No. 25379, conditional) on Dec 12, 2025. Federal OCC supervision, one of the GENIUS permitted-issuer categories. | 100% cash and cash equivalents, predominantly US Treasury overnight reverse repo plus dollar bank deposits and short Treasuries, held as segregated, bankruptcy-remote customer property. KPMG performs monthly attestations. | NoPayPal runs a separate PYUSD Rewards program (~3.7% consumer) |
| USDPPax Dollar, PaxosVerify it yourself | US permitted-issuer pathSame federal issuer as PYUSD | Issued by Paxos Trust Company, N.A. under the same OCC national trust charter (conditional, Dec 12, 2025). Supervision moved from NYDFS to the OCC by Paxos's own charter choice; USDP supply sits well below the ten-billion federal-supervision threshold. | Historically cash at FDIC-insured banks plus short-dated US Treasuries, a mix that matches the GENIUS permitted-reserve list. KPMG performs monthly attestations, though Paxos has stopped proactively publishing detailed monthly USDP holdings reports, so the current exact composition is inferred rather than independently verifiable from live disclosures. | No |
| RLUSDRipple | US permitted-issuer pathDual state + federal oversight | Issued by Standard Custody & Trust Company under a NYDFS limited-purpose trust charter, with the OCC granting conditional approval Dec 12, 2025 for Ripple National Trust Bank to manage the reserve. Both state and federal oversight, though the national trust bank is at conditional stand-up, not fully operational. | Backed 1:1 by dollar deposits, cash equivalents and short-term Treasuries in segregated accounts, custodied at BNY Mellon. Monthly attestations by an independent US-licensed CPA under AICPA standards (widely reported as Deloitte, though Ripple's own page names only an independent CPA). | No |
| USD1World Liberty Financial, issued by BitGo | US permitted-issuer pathIssued via BitGo; WLF charter pending | Issued and redeemed today through BitGo Bank & Trust, N.A., an OCC-conditionally-approved national trust bank (converted Dec 12, 2025). World Liberty Financial's own OCC charter application (World Liberty Trust Company) is pending, not approved, so the compliant path currently runs through BitGo. | Backed 1:1 by cash and cash equivalents, short-term Treasuries, Treasury-collateralized reverse repo and a government money-market fund, held in a segregated qualified trust. Crowe LLP performs monthly examinations. NYDIG publicly argued in late 2025 that the reporting should be more robust. | No |
| fUSDFalcon Finance, issued by Anchorage | US permitted-issuer pathPurpose-built, bank-issued, distinct from USDf | Issued by Anchorage Digital Bank, N.A., the OCC-chartered national trust bank, with Falcon Finance as commercial sponsor. Launched May 27, 2026. Anchorage is the permitted issuer; Falcon is not. This is a separate token from Falcon's synthetic dollar USDf. | Backed 1:1 by short-dated US Treasuries, cash and Treasury-backed repo, consistent with the GENIUS reserve list. Reserves attested monthly by Deloitte (per issuer and launch reporting; a published Deloitte report was not independently confirmed live as of the snapshot date). | NoFalcon, a separate entity, pays ~3% rewards to institutions |
| USATTether, issued by Anchorage | US permitted-issuer pathTether's compliant US vehicle | Issuer of record is Anchorage Digital Bank, N.A. (OCC-chartered), with Tether as sponsor and brand and Cantor Fitzgerald as reserve custodian. Purpose-built for the GENIUS framework; offshore Tether is deliberately kept out of the issuer role. | Cash and short-dated US Treasuries, including Treasury-backed reverse repo, held at US institutions. Deloitte performs monthly attestations (the first Big Four engagement for the US Tether product). | No |
| USDTTetherVerify it yourself | In scope, no US pathOffshore incumbent, ring-fenced by design | No US charter of any kind, and no application to become a permitted issuer. Tether keeps USDT offshore by strategy and routes US demand to the separate USAT token instead. | About 80% short Treasuries, but the reserve also holds gold, bitcoin and secured loans, buckets the Act does not permit. Attested quarterly by BDO Italia under an ISAE 3000 assurance standard, not a full audit and not the mandated monthly examination. A first full audit (KPMG) was reported as engaged but not yet delivered. | No |
| USDGGlobal Dollar, Paxos | In scope, no US pathCorrect instrument, offshore issuer | Issued by offshore Paxos entities: Paxos Digital Singapore (MAS-licensed) and Paxos Issuance Europe (MiCA, FIN-FSA). Paxos separately holds a US OCC national trust charter for USDP and PYUSD, but USDG as it exists today is not issued through that US entity. | Backed 1:1 by dollar deposits and short-duration US government securities in segregated custody at DBS and Standard Chartered. KPMG performs monthly attestations. | NoThe network routes reserve returns to distribution partners, not holders |
| frxUSDFrax Finance | In scope, no US pathAspirant; marketing outruns status | No bank, OCC or state charter. Issued today by an offshore DAO via on-chain mint and redeem. A US Delaware public-benefit manager entity (FinresPBC, proposed to be renamed FRAX Inc) is being groomed for a charter under proposal FIP-430, but no permitted-issuer pathway is confirmed and no charter has been granted. | Tokenized Treasury and cash-equivalent funds (BlackRock BUIDL, Superstate USTB) plus an approved set that also includes assets the Act does not permit as reserves (USDC, a crypto-carry fund, other stablecoin and RWA tokens). Transparency is on-chain Chaos Labs Proof of Reserves; no named registered accounting firm performs a GENIUS-style monthly attestation. | NoYield sits in the separate staked wrapper sfrxUSD |
| USDeEthenaVerify it yourself | Out of GENIUS scopeYield-bearing synthetic dollar | None. Issued by Ethena (BVI) Limited offshore, not a US permitted issuer. Ethena directs US, GENIUS-oriented demand to a separate fiat and T-bill-backed coin, USDtb, issued with Anchorage. | Not fiat reserves. Crypto collateral (BTC, ETH, liquid staking tokens, stablecoins) paired with short perpetual futures to stay delta-neutral, plus a reserve fund; reported backing near 101%. Attested by Harris & Trotter and Chaos Labs (quarterly, plus weekly on-chain Proof of Reserves), not a GENIUS monthly reserve examination. | Via staked wrapperYield accrues to sUSDe, funding-rate driven |
| USDfFalcon FinanceVerify it yourself | Out of GENIUS scopeOvercollateralized synthetic dollar | None. Issued by an offshore, DWF-affiliated protocol entity, no US charter. Falcon's GENIUS-ready payment stablecoin is the separate, Anchorage-issued fUSD, not USDf. | An overcollateralized multi-asset basket: stablecoins, major crypto and tokenized RWAs, managed with a dynamic overcollateralization ratio, not a cash-and-short-Treasury reserve. HT Digital provides daily and weekly attestations plus quarterly ISAE 3000 assurance, an attestation regime rather than a GENIUS examination. | Via staked wrapperYield flows through sUSDf |
| USDSSky (formerly MakerDAO)Verify it yourself | Out of GENIUS scopeDecentralized, over-collateralized dollar | None. A decentralized DAO with no single legal issuer to bear GENIUS obligations, no bank, OCC or state charter. Sky's bid for a US-domestic stablecoin ticker (USDH, via Hyperliquid) lost to Native Markets in September 2025, so no separate Sky-issued GENIUS coin exists. | On-chain and over-collateralized: a USDC peg-stability module, tokenized US Treasury RWAs, and over-collateralized crypto vaults (ETH, wstETH, WBTC). Transparency is real-time on-chain dashboards; there is no named accounting-firm reserve attestation. | Via staked wrapperSavings yield flows through sUSDS |
| kUSDKerne (this site)Verify it yourself | Out of GENIUS scopeYield-bearing synthetic dollar, scored honestly | None. Not a bank subsidiary, OCC nonbank or state trust, and no permitted-issuer application. Kerne markets kUSD as a synthetic dollar, not a payment stablecoin, and is openly pre-audit. | The base kUSD is 1:1 USDC in an on-chain peg-stability module, redeemable at any time. The strategy behind skUSD is a delta-neutral basis position: staked ETH plus a short Hyperliquid perpetual hedge, on-chain assets plus an off-chain hedge, not a GENIUS-eligible reserve. No independent attestor; Kerne self-publishes an hourly cryptographically signed reserve statement (reproducible, not independent). | Via staked wrapperYield accrues to skUSD |
Each cell is sourced in the Sources section below, cross-verified on July 7, 2026 against the enacted statute, the OCC and FDIC Federal Register proposals, the Chapman & Cutler and Paul Hastings rulemaking trackers, and each issuer's own disclosures plus its named attestor. No token is marked compliant, because none can be until final rules exist. Reserve figures and charter statuses move; verify at the primary sources before relying on any single cell.
Want to read the live on-chain supply of any of these dollars yourself, and see which part of its backing is checkable on-chain versus resting on an attestor? Paste its address into Verify Any Stablecoin.
The honest read on each.
Readiness is not a grade and out of scope is not a failure, so here is the plain-language verdict on each name, including Kerne's.
| Token | The read |
|---|---|
| USDCCircle | The most advanced toward permitted-issuer status: in-scope payment stablecoin, high-quality liquid reserves, monthly third-party examination, no issuer yield, and first-mover OCC conditional approval plus a pending New York trust charter. Not compliant, because no final rule exists and both charters remain conditional or pending, but the clearest front-runner. |
| PYUSDPayPal, issued by Paxos | Among the strongest candidates on issuer, reserve and attestation criteria. The one live regulatory question is PayPal's affiliate PYUSD Rewards program: the OCC's proposed rule flags affiliate yield with a rebuttable presumption, but carves out white-label profit-sharing, so whether the structure survives is unresolved pending the final rule. The token itself pays no issuer interest. |
| USDPPax Dollar, Paxos | Structurally hits the core marks (redeemable payment stablecoin, cash and short-Treasury reserves, monthly KPMG attestation, federal OCC issuer, no yield). De-emphasized by Paxos relative to PYUSD and USDG, and its live reserve transparency is thinner than the statute's monthly-composition detail will require. Well-positioned, not certifiable. |
| RLUSDRipple | Hits the substantive pillars today: in-scope, 1:1 redeemable, permitted-style reserves, monthly attestation, no holder yield, and both a NYDFS trust charter and OCC conditional approval. Remaining gaps are process and timing, not substance. Among the best-prepared for the transition, pending final rules and completed federal issuer registration. |
| USD1World Liberty Financial, issued by BitGo | Exhibits the core attributes: clearly in scope, fully reserved in high-quality liquid assets, no holder yield, monthly Crowe examinations, and issuance through an OCC national trust bank. The open gaps are WLF's own pending charter and the final rules. Substantially aligned, final status pending. |
| fUSDFalcon Finance, issued by Anchorage | Structurally the most GENIUS-aligned design in this tracker: a real, distinct, in-scope payment token on a bank issuer path, with T-bill and cash reserves and no yield on the token itself (the ~3% rewards are paid by a separate entity to institutional holders under bilateral agreements). Still not compliant, because permitted-issuer designation is not a finalized status pre-rules, but high structural readiness. |
| USATTether, issued by Anchorage | Structurally one of the best-positioned on the GENIUS track: the strongest issuer path (an OCC-chartered bank), compliant cash-and-Treasury reserves, no holder yield, and monthly Deloitte attestations. Designed to comply, materially aligned, and pending final rules and formal issuer approval like everyone else. It is the compliant counterpart to offshore USDT. |
| USDTTether | The exact instrument type the Act governs, but not GENIUS-ready and, by the issuer's own strategy, not intended to be: no permitted-issuer charter, non-eligible reserves, and quarterly attestation rather than monthly examination. Over the phase-in window, unregistered dollar tokens face exclusion from regulated US venues. The compliant Tether is USAT, not USDT. |
| USDGGlobal Dollar, Paxos | Instrument-eligible but not on a US permitted-issuer channel. USDG is squarely a GENIUS-type payment stablecoin (1:1 fiat-backed, redeemable, no holder yield, monthly Big Four attestation), and Paxos has the pieces to migrate it onto its OCC charter or a foreign-issuer reciprocity route, but that migration is not evidenced as done. High on substance, incomplete on US issuer status. |
| frxUSDFrax Finance | An aspirant, not a permitted issuer. The base token is designed as an in-scope, non-yield-bearing payment stablecoin, and Frax is building toward charter compliance, but issuance runs through an offshore DAO, the reserve mix includes non-eligible assets, and there is no named CPA monthly attestation. The GENIUS-compliant marketing currently overstates a readiness posture, not a demonstrated status. |
| USDeEthena | Not a GENIUS payment stablecoin and not seeking that status. On the prevailing reading a delta-neutral synthetic dollar sits outside the Act, so readiness is not the right frame. Ethena's US compliance path runs through USDtb, not USDe. (Separately, BaFin ordered the EU wind-down of USDe under MiCA in 2025, distinct from the US analysis.) |
| USDfFalcon Finance | Out of scope by design, a yield-bearing overcollateralized synthetic dollar, not a payment stablecoin and not a candidate for permitted-issuer status. It is neither compliant nor non-compliant, because the payment-stablecoin regime does not govern it. GENIUS-readiness for the Falcon franchise lives in the separate fUSD token. |
| USDSSky (formerly MakerDAO) | Structurally outside scope as a decentralized, over-collateralized, yield-bearing dollar, and not marketed as GENIUS-compliant. To serve US payment-stablecoin demand Sky would need a separate chartered issuer and a distinct 1:1 fiat-redeemable token; its current design is deliberately adjacent to, not inside, the perimeter. |
| kUSDKerne (this site) | Not a GENIUS payment stablecoin and not on a permitted-issuer path, correctly positioned as out of scope. It is neither compliant nor non-compliant, because it does not seek that status; if it wanted the payment-stablecoin label it would fail on issuer authorization, reserve eligibility and the yield line. What Kerne can honestly offer the in-scope issuers is the verify-it-yourself layer above the floor, which is the product below. |
Where Kerne sits, stated plainly.
Kerne's kUSD is a yield-bearing delta-neutral synthetic dollar, and on the same reading that puts Ethena's USDe outside the Act, it is out of GENIUS scope. Kerne is not a permitted payment-stablecoin issuer, its yield comes from a staked ETH plus perpetual-funding basis trade rather than fiat reserves, and it does not claim to be GENIUS compliant. It is neither compliant nor non-compliant, because the payment-stablecoin regime does not govern it. Saying anything else would be the exact kind of overclaim this tracker flags in others.
What Kerne is built to do is orthogonal to the statute, and it is the thing the statute leaves out. The monthly examination proves reserves to a regulator through an accounting firm. It gives a holder a certification to read. It does not give a holder anything to check. Kerne runs the layer that does: raw on-chain reserves you read yourself, an hourly signed proof you can recompute, and a public page honest about which leg is verifiable and which is not. That layer is what Kerne sells to the issuers in the top tiers of this page, and it is the product below.
The examination is the floor. This is the layer your holders can check.
If you issue a dollar token, the monthly examination that clears the GENIUS floor runs in private through a registered accounting firm and hands your holders a certification to read. What it does not give them is anything they can verify themselves. The GENIUS-readiness kit is that layer: a hosted verify page for your token, scheduled machine-signed reads of your disclosed reserve addresses, and an embeddable freshness badge for your own site. $499 setup including the first month, then $99 a month, live within five business days.
To be plain about what it is not: it is not GENIUS compliance, not the statutory examination, and not an audit. It does not make any issuer compliant with anything. It is the verify-it-yourself layer above the floor, the part that after the deadline distinguishes two GENIUS-ready pages from each other. Kerne runs the exact same stack over its own reserves, with the same limits stated in the same words.
Read next.
The three companion essays go deeper than a scorecard can, and the reserve-verifiability scorecard runs the same field on a different axis.
Dispute a rating, or update your row.
This is a maintained, dated tracker, and it will move as issuers get their charters, publish their first monthly examinations, and as the final rules land. If you run one of the tokens on this page and your row is stale or wrong, tell us. The bar is the same for everyone and public: point us at the primary source, the charter grant, the attestation, the reserve page, and we will re-read it and update the cell with a correction date. We would rather be accurate than first, and readiness cells are provisional by definition until final rules exist.
One thing this tracker will not do is call any token compliant before there is a rule to be compliant with, or publish a solvency or safety judgment. Every cell is a structural fact (issuer path, reserve type, examination cadence, yield mechanism), not a verdict on a team. If you think a cell is unfair rather than inaccurate, tell us and we will review it against the sourced material in the open.
Sources.
The statutory framing is drawn from the enacted Act and independent legal summaries; each token's cells are drawn from its own disclosures and its named attestor, cross-verified on July 7, 2026. Charter statuses and reserve compositions age; the primary sources below are canonical.
- The Act and rulemaking status: the enacted GENIUS Act, Public Law 119-27 (govinfo.gov and Congress.gov S.1582); the Chapman & Cutler GENIUS Act Rulemaking and Reporting Tracker and the Paul Hastings crypto-policy tracker; the OCC and FDIC proposed rules in the Federal Register; and law-firm briefings from Gibson Dunn, Morgan Lewis, Skadden and Davis Polk. As of July 7, 2026 no final rule has issued and the Federal Reserve has not proposed.
- USDC (Circle): Circle's monthly USDC reserve examination reports (Deloitte), the OCC's December 2025 conditional approval of a national trust bank, and reporting on Circle's New York trust charter pursuit.
- PYUSD and USDP (Paxos): the OCC December 2025 conditional national-trust conversion (Charter No. 25379), Paxos's monthly KPMG attestations, and the OCC proposed rule on affiliate yield for the PYUSD Rewards question.
- RLUSD (Ripple): Ripple's RLUSD transparency page and monthly independent-CPA attestations, and the OCC December 2025 conditional approval for Ripple National Trust Bank.
- USD1 (World Liberty Financial / BitGo): the Crowe LLP monthly examinations, the OCC December 2025 conditional approval converting BitGo Trust to BitGo Bank & Trust, N.A., and World Liberty Financial's pending OCC charter application.
- fUSD and USDf (Falcon / Anchorage): the May 27, 2026 fUSD launch coverage (issued by Anchorage Digital Bank, N.A., Deloitte attestation), Anchorage's own description of fUSD as the regulated counterpart to the synthetic USDf, and Falcon's ht.digital reporting for USDf.
- USAT and USDT (Tether): the January 2026 USAT launch (Anchorage Digital Bank issuer, Cantor Fitzgerald custody, Deloitte monthly attestation) and Tether's Q1 2026 BDO Italia attestation for USDT, including the gold, bitcoin and secured-loan reserve buckets.
- USDG (Global Dollar): the Global Dollar Network transparency page, Paxos's Singapore (MAS) and EU (MiCA) issuing entities, and monthly KPMG attestations.
- frxUSD (Frax): the Frax docs, governance proposal FIP-430 on charter preparation and the FinresPBC manager entity, and Chaos Labs Proof of Reserves.
- USDe (Ethena): the Ethena transparency dashboard, the Harris & Trotter and Chaos Labs attestations, the separate USDtb compliant coin issued with Anchorage, and BaFin's 2025 EU wind-down order under MiCA.
- USDS (Sky): the Sky docs and on-chain reserve dashboards, and the September 2025 Hyperliquid USDH ticker vote that Sky lost to Native Markets.
- Kerne (kUSD / skUSD): resolves to live endpoints, at /api/por/signed, /api/apy and /api/stats, the in-browser /verify tool, and the kUSD contract on Base at 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3.
Related reading: the three GENIUS essays (what is due July 18, issuer-paid versus strategy yield, and the case for reserves you can verify), the synthetic-dollar reserve transparency scorecard, and the GENIUS-readiness kit.
Page published July 7, 2026. This is a readiness and scope tracker, not a compliance certification: as of the snapshot date no final GENIUS implementing rule exists, so no issuer is or can be certified compliant, and every cell is provisional. Nothing here is legal, investment, tax or accounting advice. Kerne is a service provider and infrastructure company, not an auditor, a rating agency, a registered public accounting firm, or a law firm, and is not affiliated with Circle, Tether, Paxos, PayPal, Ripple, Anchorage Digital, World Liberty Financial, BitGo, Falcon Finance, Ethena Labs, Sky, Frax Finance, Cantor Fitzgerald, Deloitte, KPMG, Crowe, BDO, Harris & Trotter, or any other named party. Kerne is early and not yet externally audited, disclosed at kerne.fi/dataroom.