OCC finalizes US stablecoin rules for reserves and redemptions

The Office of the Comptroller of the Currency (OCC) has finalized rules covering stablecoin reserves, redemptions and related services. The rules will take effect on January 18, 2027. The final rule specifies reserve, redemption and risk-management requirements for issuers supervised by the OCC.

The GENIUS Act became law in 2025 and created a federal framework to regulate payment stablecoins. Beginning January 18, 2027, companies issuing payment stablecoins in the United States will generally require regulatory approval under the act. Issuers operating without the necessary authorization could face penalties.

The OCC said the final rule applies to national banks, federal savings associations, federal branches of foreign banks and nonbank companies seeking federal approval to issue payment stablecoins. The OCC said certain foreign payment stablecoin issuers also fall within the rule's scope. Comptroller of the Currency Jonathan Gould called the regulations a "clear, practical framework for payment stablecoin innovation."

US Treasury Secretary Scott Bessent praised the OCC's final rule in a post on X on Wednesday. Bessent called the GENIUS Act a "watershed moment in American finance." Bessent compared the Trump administration's legislation with the National Currency Act of 1863, enacted under President Abraham Lincoln more than 160 years earlier. The 1863 law created a federal system allowing nationally chartered banks to issue currency. Bessent argued that the GENIUS Act performs a comparable function for payment stablecoins in the digital era. Bessent said the OCC rule would support "private-sector innovation, competition, and American leadership in digital assets."

Dollar-denominated stablecoins are gaining use in payments and money transfers. However, growth in the total supply of dollar-denominated stablecoins has stalled.