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FIGR_HELOC $1.07 OCC finalizes GENIUS Act stablecoin rules before January deadline
The banking regulator set reserve, redemption and custody standards for payment stablecoin issuers, with the framework taking effect on January 18, 2027.
Key takeaways
- Reserves must match. Issuers must hold reserves worth at least as much as their outstanding stablecoins.
- Redemptions in two days. The rule generally requires redemption requests to be processed within two business days.
- Start date is set. The rule and the GENIUS Act take effect on January 18, 2027.
What happened
The Office of the Comptroller of the Currency issued its final rule implementing the GENIUS Act on Wednesday. The requirements apply to stablecoin issuers under its oversight when the law takes effect on January 18, 2027.
Covered firms include subsidiaries of national banks and federal savings associations, nonbank issuers approved at the federal level, some state-qualified issuers, foreign issuers and certain custody activities at OCC-supervised firms.
The rule sets standards for reserve assets, redemption, risk management, audits, reporting, custody, applications and supervision of foreign issuers. It also covers how state-qualified issuers move to the federal framework and when the OCC can revoke an approval.
Issuers must keep reserves worth at least as much as their outstanding stablecoins and generally process redemption requests within two business days. The final rule keeps the ban on paying holders interest or yield solely for holding, using or retaining stablecoins.
Comptroller of the Currency Jonathan Gould said the agency is providing a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing, redemption, and risk management.
Why it matters
The GENIUS Act, signed into law in July 2025, bars anyone other than a permitted issuer from issuing a payment stablecoin in the U.S. It also stops digital asset service providers from offering or selling stablecoins to Americans unless they come from a permitted issuer or a qualifying foreign issuer.
The OCC received hundreds of comments on its proposal from crypto companies, community bankers, trade groups and academics. The agency said it would watch how the sector develops and adjust its framework where necessary.
Bank Secrecy Act, anti-money-laundering and sanctions rules are not in this rule. The OCC and Treasury will address them in separate rulemaking.
What is still unclear
- The OCC said it will announce separately when it begins processing issuer applications and waiver requests.
- The OCC dropped a proposed presumption that certain arrangements involving affiliates or related third parties violate the law's yield ban, while saying it retains authority to act against attempts to evade the prohibition.
Questions readers ask
When do the OCC's GENIUS Act stablecoin rules take effect?
The rule and the GENIUS Act take effect on January 18, 2027. The OCC issued the final rule on October 21, 2026.
What reserve and redemption rules apply to stablecoin issuers?
Issuers must hold reserves worth at least as much as their outstanding stablecoins. They must generally process redemption requests within two business days.
Can stablecoin issuers still pay yield to holders?
The final rule keeps the ban on paying interest or yield solely for holding, using or retaining stablecoins. The OCC said it can still act against attempts to evade that ban.
Are anti-money-laundering rules included in the OCC's final rule?
No. Bank Secrecy Act, anti-money-laundering and sanctions requirements will come in a separate rulemaking by the OCC and Treasury.
Sources · 13 publishers
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