OCC Finalizes GENIUS Act Rules for Stablecoin Issuers

The Office of the Comptroller of the Currency finalized rules on October 21 for payment stablecoin issuers under its oversight, setting requirements for reserves, redemptions and supervision ahead of the GENIUS Act’s January 18, 2027, start date. The OCC’s announcement of the final rule says it also covers certain custody activities by OCC-supervised entities.

Which issuers fall under the OCC’s rules?

The rule applies to national banks and their subsidiaries, federal savings associations and their subsidiaries, and federal branches and their subsidiaries. It also covers foreign payment stablecoin issuers, nonbank firms seeking or holding federal qualified issuer status, and some state-qualified issuers where the OCC has authority, according to OCC Bulletin 2026-50.

The GENIUS Act, enacted on July 18, 2025, generally bars anyone from issuing a payment stablecoin in the United States unless they are a permitted payment stablecoin issuer. It also restricts digital asset service providers from offering or selling those coins in the United States unless the issuer is permitted or meets the law’s requirements for foreign issuers. The OCC’s rule supplies the requirements for the issuers and activities within its jurisdiction.

What does the rule require issuers to do?

The OCC puts most of its requirements in a new section of banking regulations, 12 CFR 15. It covers which activities issuers may conduct, reserve assets, redemption, risk management, audits, reporting and supervision. It also sets out application and registration processes, rules for custody, and how some state-qualified issuers transition to federal oversight.

That creates a sequence: an issuer must qualify under the law, meet the OCC’s applicable requirements, and remain subject to reporting and examination. The rule also includes capital and operational backstop provisions. It revises related rules on capital adequacy, prompt corrective action, fees, and agency procedure.

When do applications open, and what remains outstanding?

The rule takes effect on January 18, 2027, the same date the GENIUS Act takes effect. The OCC says it will announce separately when it begins accepting and processing applications and waiver requests, so the final rule does not itself open that process.

Some implementation remains for a separate rulemaking. The OCC says requirements covering the Bank Secrecy Act, anti-money laundering, and sanctions enforced by the Office of Foreign Assets Control are excluded from this final rule and will be addressed with the Treasury Department. The agency received hundreds of comments on its proposal and says it will coordinate with other regulators as the framework takes effect.

Source material

• announcement of the final rule — occ.treas.gov
• OCC Bulletin 2026-50 — occ.gov