From Decrypt · By Decrypt Agent
In brief
The OCC finalized its rule implementing the GENIUS Act, setting standards for stablecoin issuers under its jurisdiction before the law takes effect on January 18, 2027.
The rule covers reserves, redemption, risk management, custody and capital, but leaves anti-money laundering and sanctions rules to a separate rulemaking with Treasury.
The banking regulator said it will announce separately when it starts accepting applications and waiver requests from prospective stablecoin issuers.
The Office of the Comptroller of the Currency issued its final rule implementing the GENIUS Act on Wednesday, setting out the requirements that stablecoin issuers under its oversight will have to meet when the law takes effect on January 18, 2027, the banking regulator announced.
The rule applies to payment stablecoin issuers that fall under the OCC's jurisdiction, including subsidiaries of national banks and federal savings associations, nonbank issuers approved at the federal level and some state-qualified issuers, as well as foreign issuers and certain custody activities at OCC-supervised firms, according to an OCC bulletin.
.@USComptroller Jonathan V. Gould: Today’s final rule advances @POTUS Trump’s and @SecScottBessent’s vision for American leadership in digital assets. We are providing a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing,… pic.twitter.com/k1vfHYLUMQ
— OCC (@USOCC) October 21, 2026
Most of the requirements sit in a new section of the OCC's regulations covering reserve assets, redemption, risk management, audits and reporting, custody, applications, the supervision of foreign issuers, and a capital and operational backstop. The rule also covers how state-qualified issuers transition to the federal framework, and when the OCC can revoke an issuer's approval.
Rules on the Bank Secrecy Act, anti-money laundering and sanctions are not included, and will come in a separate rulemaking with the Treasury Department.
"We are providing a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing, redemption, and risk management," said Comptroller of the Currency Jonathan Gould.
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Treasury Secretary Scott Bessent compared the GENIUS Act to Abraham Lincoln's National Currency Act of 1863, which "established a national framework for bank-issued currency."
The OCC received hundreds of comments on its proposal from crypto companies, community bankers, trade groups and academics, among others. Given "the nascency of the industry," the agency said it would monitor how the sector develops and adjust its framework where necessary.