OCC Urges Community Banks to Apply as Payment Stablecoin Issuers

The U.S. Office of the Comptroller of the Currency (OCC) is urging community banks to develop payment stablecoin services and consider applying to become approved payment stablecoin issuers, ME News reported on October 27 (UTC+8). The OCC finalized rules tied to the GENIUS Act last week, with the measures taking effect in January. Several banking groups opposed the agency's proposed rules on stablecoin yields when the initiative was launched, arguing the proposal departs from the legislative intent of Congress under the GENIUS Act. Earlier this month, the Independent Community Bankers of America sued the OCC, alleging that crypto firms are not held to the same regulatory requirements as community banks, giving them an unfair advantage. (Source: ODAILY)