OCC sets stablecoin rules under Trump-signed GENIUS Act

The OCC’s final GENIUS Act rule takes effect on January 18, 2027, setting federal requirements for payment stablecoin issuers under its supervision. That gives banks and other covered issuers a rulebook for issuing stablecoins, managing reserves and handling redemptions.

The Office of the Comptroller of the Currency announced the rule on October 21. The agency says its final rule announcement covers permitted and foreign payment stablecoin issuers under OCC jurisdiction, along with some custody activity by OCC-supervised entities.

What does the OCC rule require?

The rule sets standards for activities, reserve assets, redemption, risk management, audits, reporting and supervision. It also covers custody, capital, applications and registrations, and how certain state-qualified issuers transition to federal oversight, according to the OCC’s summary of the final rule.

These requirements apply to national banks and their subsidiaries, federal savings associations and subsidiaries, federal branches, foreign payment stablecoin issuers, and certain nonbank and state-qualified issuers. The OCC’s authority over an issuer depends on the categories and conditions set out in the GENIUS Act.

The rule puts much of the OCC’s framework in a new section of federal banking regulations, 12 CFR 15. It also revises rules covering capital adequacy, prompt corrective action, fees and agency procedures. In practical terms, the framework links stablecoin issuance to requirements for the assets backing the coins and the issuer’s ability to manage risk and redeem them.

What is still outside the rule?

Anti-money laundering, Bank Secrecy Act and sanctions requirements are not included in this final rule. The OCC says it will address those areas in a separate rulemaking with the Treasury Department.

The agency received hundreds of comments on its proposal from crypto companies, community bankers, trade groups and academics. It says it incorporated or addressed those comments in the final version. The OCC has not yet announced when it will begin accepting applications and waiver requests from prospective permitted issuers; it said it will provide that information separately.

Can platforms still offer stablecoin rewards?

Yes, according to the Associated Press’s report on the rule: stablecoin issuers remain barred from paying interest directly to holders, while exchanges may pass earnings on to customers as rewards on a case-by-case basis. That distinction leaves some room for platforms to offer yield-like rewards, even as banks have argued such programs could pull deposits away from the banking system.

The rule implements requirements in the GENIUS Act, which was enacted on July 18, 2025. The law generally bars anyone other than a permitted payment stablecoin issuer from issuing a payment stablecoin in the United States, and sets licensing and regulatory requirements for permitted issuers and certain foreign issuers.

For you, the January 2027 effective date is the key milestone: covered issuers and custodians will need to meet the relevant requirements as the federal framework takes effect. The OCC says it will monitor how the industry develops and adjust its oversight where needed.

Sources

• final rule announcement — occ.gov
• summary of the final rule — occ.gov