The Office of the Comptroller of the Currency has issued its final rule implementing the GENIUS Act, the federal law that decides who may issue a payment stablecoin in the U.S. The rule and the law both take effect on Jan. 18, 2027, according to the OCC's news release. Treasury Secretary Scott Bessent called the Act a "watershed moment in American finance". Comptroller Jonathan Gould said the rule carries "strong standards for reserve backing, redemption, and risk management".
The GENIUS Act marks a watershed moment in American finance, further cementing the United States as the crypto capital of the world. Just as President Abraham Lincoln’s National Currency Act of 1863 established a national framework for bank-issued currency, the GENIUS Act…
— Treasury Secretary Scott Bessent (@SecScottBessent) October 21, 2026
The rule covers permitted payment stablecoin issuers and foreign issuers under the OCC's jurisdiction, along with certain custody activity at supervised entities. Bank Secrecy Act, anti-money laundering and OFAC sanctions rules are left to a separate rulemaking with Treasury.
What the rule sets for reserves and redemption
Issuers must hold reserves worth at least as much as their outstanding stablecoins and generally process redemptions within two business days. The redemption limit sits in Section 15.12(c)(1) of the rule text. Eligible reserves include cash, bank deposits and short-term Treasuries. Issuers must also publish monthly reserve composition reports and obtain independent accountant examinations.
For a holder, those are the two terms that can be checked against an issuer's behavior. The release gives no reserve figures of its own, so the full rule text is where the details live.
Where the OCC backed off its proposal
The agency dropped a proposed 20-day weighted-average maturity limit on reserve assets. Issuers can now withdraw surplus reserves at any time instead of once a month, as long as enough assets remain to back the coins in circulation.
Redemptions got a different fix. The OCC removed a provision that would have extended deadlines automatically during a surge. Issuers must instead notify the agency within 24 hours if requests top 10% of a coin's outstanding value in a single day. The comment file shows why. Many commenters argued that freezing redemptions could accelerate a run.
Yield was the other fight. The OCC dropped a proposed presumption that certain arrangements with affiliates or related third parties break the law's yield ban. Direct interest for simply holding a coin is still prohibited. Rewards programs already running get no safe harbor and no cure period.
What the OCC has not announced
The agency has not said when it will take applications. It will "announce in a separate news release" when it begins, according to the OCC. Until then no prospective issuer can start the approval process.
The OCC is one of several agencies with a piece of the Act. The Federal Reserve issued two proposals on Sept. 24, and its framework proposal would also bar paying yield to holders. The FDIC board approved its own proposal on April 7. Treasury issued an interim final rule on Sept. 30 that sets procedures for certifying state stablecoin regimes.
The statute pointed to July 18, 2026 for implementing regulations. By my count, the OCC's final rule arrived about three months after that date. Gould wrote on X that the OCC delivered the rule "ahead of schedule". I read that as a reference to the January effective date, but the agency has not said.
At the @USOCC, we have worked diligently and expeditiously to deliver the GENIUS Act final rule ahead of schedule to support President Trump's vision and @SecScottBessent's leadership to grow the economy and lead the global digital currency revolution.
— Comptroller Jonathan V. Gould (@USComptroller) October 21, 2026
Today marks the birth of…
The market that waits on it
Total stablecoin supply stood at $301.482 billion on Oct. 21, according to DefiLlama. Tether's USDT accounted for $182.679 billion and Circle's USDC for $72.64 billion. The record was $322.4 billion, set on May 17. Supply sits about 6.6% below that peak, and the two largest coins make up roughly 85% of the total.
The OCC release does not say how much of that supply will fall under its rule. The Fed and the FDIC supervise other issuers, and Treasury's state-certification track covers a separate group. The OCC said it will "closely monitor" the industry and adjust the framework "to the extent necessary".
Anastasiia G
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