WASHINGTON — The Office of the Comptroller of the Currency (OCC) has announced a final rule to put the GENIUS Act into effect, creating a federal framework for payment stablecoins in the United States.
The rule sets standards for stablecoin issuers overseen by the OCC, including requirements for reserves, customer redemptions, risk management, and certain crypto custody activities.
U.S. Treasury Secretary Scott Bessent called the GENIUS Act a major step for the U.S. financial system and said it strengthens America’s position as a global leader in digital assets.
Bessent compared the legislation to the National Currency Act of 1863, which created a national framework for bank-issued currency. He said the GENIUS Act provides a similar federal framework for payment stablecoins in the digital era.
Comptroller of the Currency Jonathan V. Gould said the new rule gives stablecoin companies clearer guidelines while maintaining strong standards for reserves, redemptions, and managing financial risks.
The OCC said the rule covers permitted U.S. payment stablecoin issuers, certain foreign stablecoin issuers under its authority, and some custody services provided by OCC-supervised institutions.
Rules covering the Bank Secrecy Act, anti-money laundering requirements, and U.S. sanctions will be handled separately in coordination with the Treasury Department.
The OCC received hundreds of comments while developing the rule, including feedback from crypto companies, community banks, industry groups, and academics.
The agency said it will continue working with other federal agencies on the GENIUS Act. It will also announce separately when companies can begin submitting applications and waiver requests to become permitted payment stablecoin issuers.
The OCC plans to closely monitor the growing stablecoin industry and adjust its regulatory approach when necessary.
The final rule and the GENIUS Act are scheduled to take effect on January 18, 2027.
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