OCC finalizes GENIUS Act rules for payment stablecoins

The Office of the Comptroller of the Currency finalized rules on Oct. 21 implementing the GENIUS Act for payment stablecoin issuers under its jurisdiction, setting federal standards for reserves, redemptions and oversight. The OCC said in its announcement of the final rule that it also covers certain custody activities by OCC-supervised entities.

The rule applies to national banks and subsidiaries, federal savings associations and subsidiaries, foreign payment stablecoin issuers, and certain nonbank and state-qualified issuers subject to OCC authority. The OCC said it received hundreds of comments on its proposal from crypto companies, community bankers, trade groups, academics and others.

What standards will stablecoin issuers face?

The OCC’s new 12 CFR Part 15 sets requirements for issuer activities, reserve assets, redemptions, risk management, audits, reporting and supervision, according to its final-rule bulletin. It also covers custody, applications and registrations, the transition of some state-qualified issuers to federal oversight, foreign issuer supervision, and capital and operational backstops.

The bulletin says the rule also revises existing OCC regulations on capital adequacy, prompt corrective action, fees, and agency procedures. The GENIUS Act generally bars entities that are not permitted issuers from issuing payment stablecoins in the United States.

Which GENIUS Act requirements are still pending?

The final rule does not cover Bank Secrecy Act, anti-money laundering or sanctions requirements. The OCC said those matters will be handled in a separate rulemaking coordinated with the Treasury Department.

The agency also has not yet opened issuer applications. It said it will announce separately when it begins accepting and processing applications and waiver requests; the bulletin identifies application and registration standards in the rule but does not give an opening date.

When do the rule and the act take effect?

Both take effect on Jan. 18, 2027, according to the OCC. The act was enacted on July 18, 2025, and the OCC published its proposed rule on Feb. 25, 2026.

Sources

• announcement of the final rule — occ.gov
• final-rule bulletin — occ.gov