OCC Issues Final Rule Under GENIUS Act, Setting January 2027 Start for Payment Stablecoin Framework

The Office of the Comptroller of the Currency (OCC) has published a final rule implementing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, completing the primary regulatory architecture for federally supervised payment stablecoin issuance in the United States. Both the rule and the underlying legislation take effect on 18 January 2027.

The rule covers requirements for permitted payment stablecoin issuers and foreign issuers operating under OCC jurisdiction, along with custody activities conducted by OCC-supervised entities. One material carve-out remains: Bank Secrecy Act, anti-money laundering, and Office of Foreign Assets Control sanctions requirements will arrive in a separate rulemaking coordinated with the Department of Treasury. The OCC noted it received hundreds of comments during the proposal stage from crypto firms, community banks, trade groups, and academics.

On the operational side, the OCC will publish a separate notice when it begins accepting applications and waiver requests from prospective issuers, meaning the licensing pipeline is not yet open. Comptroller Jonathan V. Gould cited the agency’s supervisory track record as the basis for the standards on reserve backing, redemption, and risk management embedded in the rule, and signalled willingness to adjust the framework as the industry matures.