The Office of the Comptroller of the Currency has finalized rules for payment stablecoin issuers under its supervision, establishing the framework that will apply when the GENIUS Act takes effect on January 18, 2027.
The regulation covers reserve assets, redemption, risk management, audits, reporting, custody, capital and operational safeguards. It also sets procedures for applications, oversight of foreign issuers, the transition of certain state-qualified issuers into the federal framework and circumstances in which the OCC may revoke an issuer’s approval.
The announcement, reported by Decrypt, moves one of the main federal banking regulators closer to implementing the United States’ new stablecoin regime. However, the rule does not complete every piece of the framework: anti-money laundering and sanctions requirements will be addressed separately with the Treasury Department.
Who the OCC framework covers
The rule applies to payment stablecoin issuers that fall under the OCC’s authority. That group includes subsidiaries of national banks and federal savings associations, nonbank issuers that receive federal approval, and certain state-qualified issuers. It also extends to foreign issuers in the circumstances described by the agency and to some custody activities conducted by firms supervised by the OCC.
Stablecoins are digital assets designed to maintain a stable value, generally through backing or other arrangements connected to reserve assets. Payment stablecoins are intended for use in payments and transfers. Under the new law, issuing a payment stablecoin in the United States will be restricted to permitted issuers, while digital asset service providers will generally be prohibited from offering or selling such tokens to Americans unless they are issued by an approved entity or by a qualifying foreign issuer.
The OCC said its final rule is intended to establish standards for reserve backing, redemption and risk management. The regulation also includes requirements involving custody, capital and operational support, as well as supervision and reporting. These provisions are designed to set the conditions under which an issuer can operate within the federal system, although the source material does not specify individual reserve ratios or other numerical thresholds.
What remains outside the final rule
The OCC’s regulation does not contain rules under the Bank Secrecy Act, including anti-money laundering and sanctions provisions. Those matters are being handled through a separate process involving the Treasury Department.
Earlier proposals from Treasury’s Financial Crimes Enforcement Network and Office of Foreign Assets Control required issuers to operate anti-money laundering programs, report suspicious activity and maintain sanctions-compliance programs. Because those requirements are not part of the OCC’s final rule, issuers will need to follow the outcome of that separate rulemaking as the broader GENIUS Act framework develops.
The OCC also has not yet opened the application process. The regulator said it will make a separate announcement explaining when prospective stablecoin issuers can submit applications and requests for waivers. That timing will be important for firms seeking authorization before the law becomes effective.
Comptroller of the Currency Jonathan Gould said the agency was providing a practical framework for stablecoin innovation while maintaining strong standards for reserve backing, redemption and risk management. Treasury Secretary Scott Bessent compared the GENIUS Act with the National Currency Act of 1863, which created a national framework for bank-issued currency.
From legislation to implementation
The GENIUS Act was signed into law in July 2025. It prevents entities other than permitted issuers from issuing payment stablecoins in the United States and places related restrictions on digital asset service providers serving American customers.
The OCC released its proposal in February and opened a 60-day public comment period. The agency said it received hundreds of submissions from crypto companies, community banks, trade associations and academics. Given the early stage of the industry, the OCC said it expects to monitor developments and adjust its framework if necessary.
Federal regulators had missed an earlier July target for completing the rules. In August, Gould said the OCC intended to finalize its regulation by November so that applications could begin to be processed during the new year. The final rule was issued before that stated target and ahead of the January 18, 2027 effective date of the GENIUS Act.
Market picture
Moneyiar market data at 11:59 a.m. on October 21, 2026, showed the following prices and moves:
- Stable (STABLE): $0.0270671402, up 7.2% over 24 hours and 1.48% over seven days.
- Genius Terminal (GENIUS): $0.3077546186, up 2.78% over 24 hours but down 4.23% over seven days.
- RedStone (RED): $0.1449083661, up 6.64% over 24 hours and down 6.92% over seven days.
- Catizen (CATI): $0.0638818524, down 0.09% over 24 hours and 6.41% over seven days, based on Moneyiar data recorded at 11:43 a.m. on October 12, 2026.
These market figures describe price movements at the stated times and do not indicate how individual assets will perform in the future.
