OCC Finalizes GENIUS Act Rule for Stablecoin Issuers, Effective 2027

The Office of the Comptroller of the Currency (OCC) has finalized its rule implementing the GENIUS Act for payment stablecoin issuers, establishing requirements that may take effect on January 18, 2027. The rule outlines stipulations for reserve assets, redemption, risk management, audits, reporting, custody, applications, supervision of foreign issuers, and capital and operational backstops.

Comptroller of the Currency Jonathan Gould stated that the rule provides a “clear, practical framework for payment stablecoin innovation, with strong standards.” The GENIUS Act, signed into law in July 2025, establishes a national framework for bank-issued currency and prohibits non-permitted issuers from operating in the U.S. It also restricts digital asset service providers from offering or selling stablecoins to Americans unless they originate from a permitted issuer or a qualifying foreign issuer.

The OCC issued its final rule on Wednesday, October 21, 2026, following its proposal in February. The agency noted it received numerous comments from various industry stakeholders. The rule applies to payment stablecoin issuers under OCC jurisdiction, including subsidiaries of national banks and federal savings associations, federally approved nonbank issuers, certain state-qualified issuers, foreign issuers, and specific custody activities at OCC-supervised firms.

Separate rulemakings with the Treasury Department will address requirements related to the Bank Secrecy Act, anti-money laundering, and sanctions. Treasury’s FinCEN and OFAC proposed their respective rules in April. Regulators had previously missed an earlier July deadline for finalizing these rules.

Treasury Secretary Scott Bessent drew a parallel between the GENIUS Act and the National Currency Act of 1863. The OCC acknowledged the nascency of the stablecoin industry and stated it may monitor the sector’s development and adjust its framework as necessary.

Why This Matters

The materials describe a narrow update: The OCC issued its final rule for payment stablecoin issuers under its jurisdiction, detailing requirements for reserve assets, redemption, risk management, audits, reporting, custody, applications, supervision of foreign issuers, and capital/operational backstops. The specific requirements for foreign issuers to meet certain conditions.

Broader Context

Source materials place the factual news in this context: The OCC received hundreds of comments on its proposal from crypto companies, community bankers, trade groups and academics, among others.