The Office of the Comptroller of the Currency finalized its rule implementing the GENIUS Act for payment stablecoin issuers on October 21, setting federal requirements for permitted and foreign issuers under its jurisdiction. The rule becomes effective on January 18, 2027, but the OCC said it is not yet accepting issuer applications while it awaits a separate approval from the Office of Management and Budget.
OCC rule sets January 18 effective date
The final rule establishes the OCC's framework for permitted payment stablecoin issuers and foreign payment stablecoin issuers that fall within the agency's jurisdiction. Its effective date is January 18, 2027.
The action finalizes the OCC's rulemaking under the GENIUS Act, providing the agency's operating and supervisory requirements for issuers seeking to operate under the new regime. It does not, however, mean that a licensing intake process has opened.
Reserve, redemption and safeguard rules
The rule addresses the assets backing payment stablecoins and the process for redeeming them. It also sets requirements spanning risk management, audits, reporting and OCC supervision.
Other provisions cover custody arrangements, issuer applications, examinations of foreign issuers, and capital and operational backstops, according to the OCC bulletin. Together, those areas define the principal requirements the agency will apply to issuers it supervises.
Applications and financial-crime rules remain pending
The OCC said in a separate bulletin that it has not begun accepting applications; intake will start only after OMB gives final approval to the information collection associated with the application process. Existing issuers with substantially complete applications may request waivers, which the agency said would generally focus on the prior-approval requirement. Bank Secrecy Act, anti-money-laundering and Office of Foreign Assets Control sanctions requirements are outside the final rule, and the OCC said in its announcement that it will address those obligations through separate rulemaking.
