News about OCC

The Office of the Comptroller of the Currency (OCC) finalized rules on payment stablecoin reserves, redemptions and related custody activities to implement the GENIUS Act. Issuers must hold reserves at least equal to their outstanding stablecoins and generally process redemption requests within two business days. The rules cover national banks, federal savings associations, federal branches, nonbank firms seeking federal qualified issuer status, and state-qualified issuers under OCC authority. The OCC dropped a proposed presumption that certain affiliate arrangements violate the yield ban but kept the ban on paying holders yield solely for holding stablecoins. The rules take effect January 18, 2027, while Bank Secrecy Act, anti-money-laundering and sanctions requirements will be addressed in separate rulemaking.

The Office of the Comptroller of the Currency (OCC) issued its final rule implementing the GENIUS Act, setting requirements for stablecoin issuers under its oversight before the law takes effect on January 18, 2027. The rule covers reserves, redemption, risk management, custody and capital, while anti-money laundering and sanctions rules will come in a separate rulemaking with the Treasury Department. It applies to national bank subsidiaries, federally approved nonbank issuers, some state-qualified issuers and foreign issuers. The OCC said it will separately announce when it starts accepting applications and waiver requests, after receiving hundreds of comments on its proposal.