OCC finalizes GENIUS Act rule for stablecoin issuers, effective Jan. 18, 2027

The Office of the Comptroller of the Currency (OCC) announced a final rule on Oct. 21 to implement the GENIUS Act, the 2025 federal law governing payment stablecoins.

What the rule covers

The rule sets requirements for permitted payment stablecoin issuers and foreign payment stablecoin issuers under the OCC's jurisdiction, plus certain custody activities by OCC-supervised banks. Comptroller Jonathan V. Gould said it sets standards for reserve backing, redemption and risk management.

It covers every regulation the OCC must write under the law except Bank Secrecy Act, anti-money laundering and sanctions rules, which will come in a separate rulemaking with the Treasury Department. The OCC said it received hundreds of comments on its proposal.

Stablecoin rewards get case-by-case review

The final rule does not grandfather existing stablecoin rewards programs on exchanges, CoinDesk reported. The OCC said it will apply the statute's yield ban to the facts of each arrangement.

What comes next

The OCC will announce separately when it begins accepting applications and waiver requests from prospective issuers. The rule and the GENIUS Act take effect January 18, 2027.

Treasury Secretary Scott Bessent called the law "a watershed moment in American finance" and compared it to the National Currency Act of 1863.