The Office of the Comptroller of the Currency on Wednesday released a proposed rule to carry out the GENIUS Act, laying out a federal oversight framework for payment stablecoin issuers operating in the United States. The agency also opened a 60-day public comment period as it moves toward final implementation.
The 376-page proposal identifies which entities would fall under OCC supervision, including national bank subsidiaries, federal qualified issuers, state qualified issuers, and foreign stablecoin firms. It also addresses certain custody activities performed by OCC-supervised institutions.
Reserve backing and redemption deadlines sit at the center
Under the proposal, issuers would need to maintain one-to-one backing with identifiable, highly liquid assets. They would also be required to redeem payment stablecoins at par within two business days. Capital and liquidity standards would not be fixed across the board; the OCC said those requirements would be set case by case based on each issuer’s risk profile.
The draft also calls for a principles-based risk management framework. That includes controls covering cybersecurity, operational transitions, and relationships with third parties. The OCC said those measures are intended to support safer issuance and custody practices.
AML and sanctions provisions are not part of this draft
According to Eleanor Terrett, the OCC proposal does not include Bank Secrecy Act, anti-money laundering, or OFAC requirements. The agency said those provisions will come through a separate rulemaking effort coordinated with the Department of the Treasury.
At the same time, the OCC said stablecoins qualify as legally permissible payment tools under federal banking law. That point gives the current rulemaking a clearer legal foundation as agencies work through the rest of the statute.
Final rules will be coordinated with other regulators
Comptroller Jonathan V. Gould said the proposal is designed to support stablecoin growth while preserving safety and soundness, adding that public feedback will help shape a practical final rule. The OCC also said it is continuing to coordinate with the Federal Reserve, the Federal Deposit Insurance Corporation, and the National Credit Union Administration on the remaining GENIUS Act provisions.
The GENIUS Act became law in July 2025. Its effective date is set for January 18, 2027, or 120 days after final rules are issued, whichever comes first.