- The OCC issued a notice of proposed rulemaking on February 25, 2026, to fully implement the GENIUS Act enacted in July 2025.
- The framework applies to permitted payment stablecoin issuers, including bank subsidiaries, federal and qualified state issuers, and foreign entities seeking U.S. access.
- Issuers must maintain 1:1 reserves with highly liquid assets, redeem at par within two business days, and implement principles-based risk management.
- A 60-day public comment period allows industry feedback on the comprehensive proposal.
The Office of the Comptroller of the Currency took a major step toward operationalizing federal stablecoin regulation on February 25, 2026, by releasing a detailed notice of proposed rulemaking to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
The GENIUS Act, signed into law in July 2025, created the first comprehensive federal framework for payment stablecoins. The OCC proposal addresses all regulations required of the agency under the Act, excluding Bank Secrecy Act, AML, and sanctions provisions that will be handled separately with the Treasury Department.
Only permitted payment stablecoin issuers will be allowed to issue stablecoins for U.S. use. This category covers subsidiaries of national banks or federal savings associations, federal qualified issuers, certain state-qualified issuers, and foreign issuers that fall under OCC jurisdiction. Non-permitted entities are prohibited from issuing or offering non-compliant stablecoins to U.S. users.
Core requirements include 100% reserve backing with identifiable, highly liquid assets such as U.S. dollars or short-term Treasuries. Stablecoins must be redeemable at par value generally within two business days. Issuers face case-by-case capital and liquidity standards based on risk profile, plus robust, principles-based risk management for operations, cybersecurity, and third-party relationships. The proposal also covers custody, audits, supervisory examinations, application processes for new issuers, and amendments to capital adequacy and enforcement rules.
In an accompanying statement, Comptroller of the Currency Jonathan V. Gould said, “The OCC has given thoughtful consideration to a proposed regulatory framework in which the stablecoin industry can flourish in a safe and sound manner.”
The move is expected to provide long-awaited clarity, enabling regulated stablecoins from non-banks, payments firms, and crypto institutions—particularly for tokenized traditional finance use cases—while expanding federal oversight to foreign issuers. Industry participants now have 60 days to submit comments before final rules are adopted.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
