The Office of the Comptroller of the Currency has issued a final rule to carry out the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, Markets Media reported on Thursday. The rule sets out requirements for permitted payment stablecoin issuers, foreign issuers under the agency's jurisdiction, and certain custody activities by OCC-supervised institutions.
According to Markets Media, the rule covers every regulation the OCC is obligated to write under the GENIUS Act except those dealing with the Bank Secrecy Act, anti-money laundering, and Office of Foreign Assets Control sanctions. Those areas will be handled in a separate rulemaking coordinated with the Department of Treasury.
Why it matters
The final rule gives payment stablecoin issuers a defined federal framework for the first time, replacing a patchwork of state-level oversight and supervisory expectations with explicit standards on reserves, redemption, and risk management. For banks and trust companies already supervised by the OCC, it also clarifies how custody of stablecoin-related assets fits within existing authority.
Treasury Secretary Scott Bessent framed the rule as a structural shift in American finance, comparing the GENIUS Act to the National Currency Act of 1863, which created a national framework for bank-issued currency. In remarks carried by Markets Media, Bessent said the OCC's rule provides a practical foundation for private-sector innovation and competition, and described the legislation as cementing the United States' position in digital assets.
Comptroller of the Currency Jonathan V. Gould said the rule advances the administration's vision for digital asset leadership and offers clear standards for reserve backing, redemption, and risk management. He said the agency is applying its existing supervisory experience to support responsible growth in the industry.
What the rule covers, and what it leaves for later
The final rule addresses permitted payment stablecoin issuers and foreign issuers that fall under OCC jurisdiction, along with custody activities conducted by entities the agency supervises. The separation of AML and sanctions provisions into a later rulemaking means the compliance obligations tied to illicit finance will not be finalized in this package. Markets Media reports that the OCC will coordinate with other agencies responsible for other parts of the GENIUS Act's implementation.
The agency received hundreds of comments on its proposal from crypto companies, community bankers, trade groups, academics, and other stakeholders, according to Markets Media. The OCC has not yet said when it will begin accepting and processing applications and waiver requests from prospective issuers; it plans to announce that timing in a separate news release.
The agency also said it will monitor how the industry develops and adjust its supervisory and regulatory framework for stablecoin issuers as needed, citing the sector's relative youth.
Industry reaction and open questions
The final rule has drawn scrutiny from parts of the banking sector. The American Bankers Association accused the OCC of undermining Congress with the stablecoin rewards rule, according to The Block, as reported in the coverage roundup. The dispute centers on how the rule treats rewards tied to stablecoin holdings, an issue that touches the boundary between payment stablecoins and interest-bearing deposit products.
Rating agency KBRA has separately examined how the GENIUS Act changes the role of stablecoins in banking, while coverage from TechBullion framed the finalized U.S. rules as a catalyst for crypto assets including Stellar and Tron. Those are market commentary rather than regulatory findings.
What remains unresolved is the practical path to authorization. Until the OCC opens its application window, prospective issuers cannot begin the formal process, and the AML and sanctions rules that will govern their operations are still unwritten. The interaction between the OCC's framework and state regimes, and how foreign issuers will be treated in practice, will become clearer once applications are processed.
Watch for the OCC's announcement on when it will start accepting applications and waiver requests, and for the joint rulemaking with Treasury on Bank Secrecy Act, AML, and sanctions compliance.
