OCC Finalizes Stablecoin Rule Under the GENIUS Act: 1-to-1 Reserves and Two-Day Redemptions Take Effect January 18, 2027
Washington: The Office of the Comptroller of the Currency (OCC) on October 21 issued its final rule implementing the GENIUS Act, setting federal standards for payment stablecoin issuers on reserve backing, redemption, capital, custody and audits. The rule takes effect on January 18, 2027, the same day the Act itself takes effect, and the OCC is the first federal regulator to complete its rulemaking under the law, which was enacted on July 18, 2025.
Under the final rule, set out in OCC Bulletin 2026-50, covered issuers include national banks and their subsidiaries, federal savings associations, federal branches of foreign banks, nonbank entities seeking federal qualified issuer status, foreign payment stablecoin issuers, and certain state qualified issuers under OCC enforcement authority. Permitted issuers must hold reserves worth at least as much as their outstanding stablecoins, in eligible liquid assets such as U.S. currency, insured deposits and short-term Treasury securities; redemptions at par must generally be completed within two business days; issuers face a $5 million capital floor along with annual audits, risk-management standards and weekly and quarterly reporting. From January 18, 2027, issuing payment stablecoins in the United States without the required approval can carry penalties.
On the closely watched question of holder rewards, the final rule keeps the Act's prohibition on an issuer paying interest solely in connection with holding, using or retaining a stablecoin, but drops the February proposal's presumption that certain issuer arrangements with affiliates and third parties are violations; such arrangements will be assessed case by case, and the OCC said it will not presume that rewards programs predating the Act comply with it. Anti-money-laundering, Bank Secrecy Act and OFAC sanctions requirements are not in this rule and will be addressed in a separate rulemaking coordinated with the Department of the Treasury.
Comptroller of the Currency Jonathan Gould said the rule provides "a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing, redemption, and risk management." Treasury Secretary Scott Bessent, in the OCC's release, called the GENIUS Act "a watershed moment in American finance." The OCC said it will announce separately when it begins accepting issuer applications and waiver requests, after the Office of Management and Budget clears the related information collections. (GSM, based on the OCC release and public reporting)
Published by GSM · USA (original Chinese edition)
Photo: 图：位于华盛顿的美国财政部大楼入口，货币监理署 OCC 为财政部下属机构。G. Edward Johnson 摄，CC BY 4.0，经维基共享资源。Photo: Entrance of the U.S. Department of the Treasury in Washington; the Office of the Comptroller of the Currency (OCC) is a bureau of the Treasury. Photo by G. Edward Johnson, CC BY 4.0, via Wikimedia Commons.
