U.S. banking regulator OCC proposes stablecoin rules to implement GENIUS act

The Office of the Comptroller of the Currency (OCC) has unveiled a comprehensive proposal to implement the GENIUS Act, marking a significant step toward federally regulated stablecoin activity in the United States.

Summary

• The OCC has proposed detailed stablecoin regulations to implement the GENIUS Act, covering issuance, supervision, reserves, liquidity, and redemption requirements.
• A 60-day public comment period has been opened to refine the draft rules before finalization, with AML and sanctions provisions to be added later.
• The move marks a major regulatory milestone in bringing payment stablecoins under federal banking oversight following the GENIUS Act’s enactment.

New OCC stablecoin rule proposal seeks federal oversight

The notice of proposed rulemaking, issued on February 25, outlines how payment stablecoins can be issued, backed, supervised, and potentially revoked under federal banking oversight.

Under the draft rules, the OCC would regulate “permitted payment stablecoin issuers” including subsidiaries of national banks, federal qualified issuers, certain state qualified issuers, and foreign stablecoin issuers meeting specified requirements.

The proposal sets standards for reserve assets, mandatory redemption at par, liquidity and risk management, audits, supervisory examinations, custody, and application pathways laying the groundwork for stablecoins to operate within the traditional banking system.

The OCC has opened a 60-day public comment period to gather industry, stakeholder, and public feedback before finalizing the rules. Key aspects such as anti-money-laundering provisions, Bank Secrecy Act requirements, and sanctions rules will be addressed separately in coordination with the U.S. Department of the Treasury.

Comptroller Jonathan V. Gould described the proposed framework as designed to help the stablecoin sector “flourish in a safe and sound manner,” while providing clarity and regulatory certainty for issuers operating under federal supervision.

The GENIUS Act, enacted in July 2025, created a federal regulatory structure for payment stablecoins after years of debate over how to integrate digital assets into U.S. financial law.

The OCC’s proposal represents a landmark effort to translate that statute into enforceable federal rules, potentially shaping how banks, nonbanks, and foreign firms issue and manage stablecoins in the years ahead.