OCC finalizes GENIUS Act rules for stablecoin issuers
The OCC has finalized federal rules for payment stablecoin issuers, setting reserve, redemption and custody standards ahead of a January 2027 start date.
The Office of the Comptroller of the Currency (OCC) finalized rules for payment stablecoin issuers on October 21, setting requirements for reserves, redemptions and risk management under the GENIUS Act. The agency said in its announcement of the final rule that the law and rules take effect on January 18, 2027.
Payment stablecoins are digital tokens designed to hold a steady value, often against the US dollar. President Donald Trump signed the GENIUS Act into law on July 18, 2025. The OCC is the first federal banking regulator to issue its final rules under the law, according to the agency’s announcement.
Which stablecoin businesses fall under the OCC rules?
The rule covers issuers and related activity under the OCC’s authority. That includes certain subsidiaries of national banks and federal savings associations, federal qualified issuers, some state-regulated issuers, and foreign payment stablecoin issuers. It also covers certain custody activities by entities supervised by the OCC.
The OCC’s final-rule bulletin says the rules set standards for reserve assets, redemption, risk management, audits, reports, supervision, custody, capital and applications. The agency says it received hundreds of comments on its proposal from companies, banks, trade groups, academics and others.
When can issuers apply, and what remains unfinished?
The OCC has not yet started accepting applications. It says it will announce the start date after the Office of Management and Budget gives final approval to the information collection for application forms. The agency also issued guidance on applications and waiver requests on October 21.
The final rule covers most of the regulations the OCC must issue under the GENIUS Act. Rules on the Bank Secrecy Act, anti-money laundering and sanctions are excluded and will come through a separate rulemaking coordinated with the Treasury Department.
That leaves issuers waiting for the application process to open, with less than three months between the rule’s effective date and the compliance deadline. The OCC says it will continue coordinating with other agencies as the law is put into effect.
References
- announcement of the final rule — occ.gov
- final-rule bulletin — occ.gov