The US Office of the Comptroller of the Currency has released a draft regulatory framework for the stablecoin market, targeting primarily US-based issuers and certain foreign entities operating inside the country. The proposal lays out more detailed requirements for issuer operations, reserve asset management, and digital asset custody activities conducted by institutions supervised by the OCC.
Draft expands oversight of issuance and custody activity
According to the OCC, the proposal is not limited to token issuance alone. It also sets clearer rules for digital asset custody within the banking system. The framework draws from several legislative standards, with the GENIUS Act cited as a key reference point. It establishes minimum requirements for stablecoin issuance, covering reserve management, operational resilience, and mandatory regulatory supervision in a more explicit format than before.
Acting Comptroller Jonathan V. Gould said the framework “lays the groundwork for safe and sound development of the stablecoin sector.” The draft will remain open for public review and comment for 60 days before any final version is adopted.
Redemption deadline and reserve limits move to the center
The proposal gives special weight to redemption rights and reserve quality. Under the draft, issuers would be required to satisfy user redemption requests within no more than two business days. Reserve assets would be limited to government securities, money market funds, Federal Reserve balances, or term deposits. That narrows the list of acceptable backing instruments and reflects an effort to strengthen redemption capacity while treating stablecoins more formally as payment instruments inside the US financial system.
Not every compliance area is included in this phase. The OCC said guidance tied to the Bank Secrecy Act, anti-money laundering policy, and sanctions compliance will be developed later in consultation with the US Department of the Treasury. The split approach shows that regulators are moving in stages as they try to connect stablecoin activity with the traditional banking structure.
Industry sees clarity, bankers call for a pause
Industry representatives have said the draft could reduce the uncertainty that has hung over the stablecoin market for years. Clearer requirements give issuers, custodians, and banking partners firmer boundaries for compliance and operational planning.
At the same time, the American Bankers Association has urged the OCC to impose a moratorium on approvals for new national banks built on crypto or stablecoin business models. The group argues that the framework governing the sector is still unsettled and that a slower approval pace is warranted while those uncertainties remain.