U.S. OCC Proposes GENIUS Act Rules for Payment Stablecoin Issuers

The Office of the Comptroller of the Currency released a proposed rule Wednesday to implement the GENIUS Act, setting standards for domestic and foreign payment stablecoin issuers including one-to-one liquid reserves and redemption at par within two business days, the agency said. The 376-page proposal opens a 60-day public comment period and clarifies which issuers fall under OCC jurisdiction, including national bank subsidiaries, federal qualified issuers, state qualified issuers and foreign stablecoin firms, while affirming that stablecoins are legally permissible payment instruments under federal banking law. The OCC said BSA, AML and OFAC requirements will be addressed in separate rulemaking coordinated with the Department of the Treasury, and that it is working with the Federal Reserve, the Federal Deposit Insurance Corporation and the National Credit Union Administration on remaining GENIUS Act provisions; the GENIUS Act became law in July 2025, with an effective date of January 18, 2027, or 120 days after final rules, whichever comes first.