OCC sets GENIUS Act rules for stablecoin issuers

The Office of the Comptroller of the Currency finalized rules for stablecoin issuers under the GENIUS Act, setting federal standards for reserves, redemptions and risk management. The rules take effect Jan. 18, 2027, the OCC said in its announcement.

What do the new rules require?

The OCC’s rule sets requirements for payment stablecoin issuers under its authority, including standards for reserve assets, redemptions, risk management, audits and supervision. Stablecoins are crypto tokens designed to hold a steady value, often against the U.S. dollar.

The rule applies to national banks and federal savings associations, as well as certain nonbank and foreign issuers. It also covers some custody activities by OCC-supervised firms. Custody means holding crypto assets on behalf of customers.

The GENIUS Act became law on July 18, 2025. It generally bars companies from issuing payment stablecoins in the United States unless they are permitted under the law. The OCC rule fills in requirements for the issuers and activities under its oversight.

What does the rule leave for later?

The rule does not cover Bank Secrecy Act, anti-money-laundering or sanctions requirements. The OCC says it will address those in a separate rulemaking with the Treasury Department.

The OCC also has not yet begun taking issuer applications or waiver requests. It said it will announce when it is ready to process them. The rules apply from Jan. 18, 2027.

Did the final rule change the treatment of rewards?

Yes. The final rule drops a proposed presumption that some business ties between issuers and third parties could signal an attempt to evade the law’s ban on issuers paying interest directly to stablecoin holders. The Block reported the change, citing an OCC official who said the agency would assess such relationships case by case.

The change leaves the statutory ban on direct interest payments in place. The OCC official said the agency could still act if it finds a clear attempt to evade that ban. The Block reported that the proposal’s presumption had drawn attention because platforms may offer rewards through third-party arrangements.

Sources

• OCC said in its announcement — occ.gov
• Block reported the change — theblock.co