Crypto

OCC finalizes stablecoin rules under the GENIUS Act, effective Jan. 18, 2027

The bank regulator's final rule sets requirements for stablecoin issuers and custody. Existing US issuers that file a substantially complete application by Jan. 18, 2027, can generally expect waivers from the prior-approval requirement, but the application window isn't open yet.

By Jennifer Walsh · Oct 22, 2026, 4:40 PM EDT

For information only, not investment advice.

The federal stablecoin law now has its rulebook. The Office of the Comptroller of the Currency (OCC) announced a final rule on Oct. 21 to implement the GENIUS Act, setting requirements for payment stablecoin issuers under its jurisdiction, including foreign issuers, and for certain custody activities conducted by OCC-supervised entities. The rule and the law both take effect on Jan. 18, 2027.

Who's covered: national banks, federal savings associations, federal branches and their subsidiaries, foreign payment stablecoin issuers, nonbank companies seeking federal approval to issue, and certain state-qualified issuers the OCC has authority over, according to the agency's bulletin.

For people holding stablecoins, the key question is whether the coins they use today keep running after January. The OCC says it generally expects to grant waivers from the prior-approval requirement to existing issuers already operating in the US that have a substantially complete application pending with the OCC on or before Jan. 18, 2027, unless its review turns up "more compelling reasons to deny the request." That expectation covers only the prior-approval requirement; issuers can ask to waive other provisions, but the OCC says it hasn't found general reasons to grant those. Those waivers can last up to 12 months from Jan. 18, 2027, and the OCC says it will generally act on requests by that date. It hasn't started taking applications or waiver requests yet; it says it will announce when it does.

Two things aren't settled. Anti-money-laundering, Bank Secrecy Act and sanctions rules will come in a separate rulemaking with Treasury, and the OCC says it will adjust the framework as the industry evolves. The agency received hundreds of comments on its proposal, from crypto companies to community bankers.

Officials were not shy about it. Comptroller Jonathan V. Gould said the rule sets "strong standards for reserve backing, redemption, and risk management," and Treasury Secretary Scott Bessent compared the GENIUS Act to Lincoln's National Currency Act of 1863. Treasury's post on X called it a step that "further cements American dominance in digital assets." Those are the government's characterizations; how the rules work in practice starts in January.

Tags: stablecoins · regulation · banks · treasury