The Office of the Comptroller of the Currency said it plans to release final rules for payment stablecoins before November, and expects stablecoin issuer applications to begin as early as 2027, according to remarks by Comptroller Jonathan Gould.
Gould made the comments on Wednesday the 19th at the Wyoming Blockchain Symposium. His remarks place the OCC on a timeline aimed at getting its rules in place before the GENIUS Act takes effect in January 2027.
Final rule targeted after February proposal
Gould’s update addressed the OCC’s own rulemaking process following a 376-page Notice of Proposed Rulemaking, or NPRM, published in February. After gathering feedback from the crypto industry, the OCC "will publish the final rule before November," he said, adding that regulators could begin accepting applications from stablecoin issuers as early as 2027.
The size of that proposal reflects how much ground it covers. The draft addresses the full framework for issuers, including capital reserves, redemption mechanisms and operating reports. It also attempts to draw a line around a long-running question in the sector: whether stablecoins can pay interest.
For issuers, the final text is expected to define how 1:1 reserve requirements and redemption commitments will be enforced in practice.
GENIUS Act deadline runs to Jan. 18, 2027
The GENIUS Act was signed into law by Donald Trump in July 2025 and established a regulatory framework for payment stablecoins in the United States. Under the legislative timetable cited in the report, agencies including the OCC, the U.S. Treasury, the Federal Deposit Insurance Corporation, or FDIC, and the Federal Reserve, or Fed, must complete their implementing rules by Jan. 18, 2027, for the law to formally take effect.
Progress, however, remains incomplete. As of July, several federal agencies had already issued proposals and finished collecting public comments, but none had released a final version of their rules. After missing a self-imposed July target, stablecoin issuers remain in a position where the direction of regulation is visible, but the exact standards are still not settled.
If the OCC does finalize its rule before November, the report says it would become the first federal banking regulator to complete the legislative process tied to the act.
FDIC draft rules provide a point of comparison
The report contrasts the OCC timeline with the FDIC’s proposed stablecoin rules, which call for 1:1 reserves and redemption within two days. If the OCC’s final rule follows through on its own schedule, that would fill in what the article describes as a key banking-system piece of the broader U.S. stablecoin regulatory framework.
Why the November timeline matters for issuers
The November target carries two direct implications for the market, according to the report.
- First, it turns the idea of an application window from a vague commitment into a more concrete timetable, allowing issuers to work backward on compliance preparation. If applications begin in 2027, the race for compliant stablecoin status effectively starts then.
- Second, the content of the rule will affect how reserve assets can be used and how returns are allocated. The article describes that issue as a key variable for major issuers such as USDT and USDC as they adjust product structures.
Three issues remain in focus
The report highlights three areas to watch next.
- One is whether the OCC’s final rule will align with the FDIC’s approach, limiting room for regulatory arbitrage where the same stablecoin could face two different standards.
- Another is whether the Treasury and the Federal Reserve can get their own rules in place before Jan. 18, 2027. If they miss that deadline as well, the cost of any legal or procedural gap would be borne by issuers and banks.
- The third is the pace of U.S. stablecoin rulemaking relative to the European Union’s MiCA framework and developments across Asia. The report says the gap is narrowing, and multinational issuers will need to update their compliance roadmaps accordingly.