The Office of the Comptroller of the Currency has issued its final rule implementing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The rule sets out the standards for issuing payment stablecoins, and for certain related activities, by entities under the OCC’s jurisdiction. It was finalised in October 2026 and will take effect on 18 January 2027, the same date on which the GENIUS Act becomes effective.
Scope of the rule
The rule applies to national banks, federal savings associations, and federal branches, along with their subsidiaries. It also covers foreign payment stablecoin issuers and nonbank entities seeking or holding approval as federal qualified payment stablecoin issuers. State qualified payment stablecoin issuers fall within its scope where the OCC has regulatory or enforcement authority over them under the Act.
Most of the requirements are set out in a new 12 CFR 15. This section establishes standards for:
- permitted activities, reserve assets, redemption, and risk management
- audits, reporting, supervision, and custody
- applications and registrations for issuers under OCC jurisdiction
- the examination and supervision of foreign issuers
- the transition of state qualified issuers to the federal framework
- the revocation or rescission of approval in certain cases
- capital and operational backstop requirements
The OCC has also amended its existing rules on capital adequacy (12 CFR 3), prompt corrective action (12 CFR 6), assessment of fees (12 CFR 8), and practice and procedure (12 CFR 19).
According to industry reporting, the OCC has also finalised weekly and quarterly reporting forms for permitted and foreign payment stablecoin issuers registered with it. These forms remain subject to approval by the US Office of Management and Budget.
AML and sanctions rules to follow
The rule covers every regulation the OCC must issue under the GENIUS Act except those on the Bank Secrecy Act, anti-money laundering (AML), and Office of Foreign Assets Control (OFAC) sanctions. Those will be handled in a separate rulemaking, coordinated with the US Department of the Treasury. Issuers preparing for the January 2027 effective date will therefore receive the federal compliance framework in at least two stages.
Regulatory background and timeline
The GENIUS Act was enacted on 18 July 2025 and establishes a federal framework for payment stablecoin activities. It generally prohibits anyone other than a permitted payment stablecoin issuer from issuing a payment stablecoin in the US. It also bars digital asset service providers from offering or selling a payment stablecoin to people in the US unless one of two conditions is met. The issuer must either be a permitted issuer or be a foreign payment stablecoin issuer that meets certain requirements.
Sections 4 and 7 of the Act give the OCC regulatory or enforcement authority over several groups. These are subsidiaries of national banks and federal savings associations, federal qualified payment stablecoin issuers, and certain state qualified issuers. The OCC also has regulatory authority over foreign payment stablecoin issuers.
The OCC published its notice of proposed rulemaking on 25 February 2026, and the proposal appeared in the Federal Register on 2 March 2026. The final rule incorporates or addresses comments received from various groups and individuals during the consultation.
Implications for the market
The rule was finalised roughly three months before it takes effect. Entities that intend to issue payment stablecoins in the US now have a defined window to secure permitted status. The same applies to foreign issuers whose tokens digital asset service providers offer to US users, who must meet the requirements set for them. The framework brings bank subsidiaries, nonbank issuers, and foreign issuers under a single supervisory structure administered by the OCC. It also extends federal standards to certain custody activities carried out by OCC-supervised entities.
