OCC finalizes stablecoin rule while issuers await application opening

The Office of the Comptroller of the Currency finalized its GENIUS Act stablecoin rule on Wednesday, setting a January 18, 2027 start for the framework. Companies seeking federal permission to issue payment stablecoins still have to wait for the agency to open its application process.

The OCC said applications and waiver requests will open after the Office of Management and Budget approves the information collection for the forms. It will announce that opening separately. The agency's GENIUS Act landing page says it is not yet accepting submissions.

The final rule applies to permitted and foreign payment stablecoin issuers under the OCC's jurisdiction, along with certain custody activities at institutions it supervises. The agency published its announcement and accompanying guidance on October 21.

What the rule covers

The OCC's rule bulletin describes a new section of its regulations covering reserve assets, redemptions, risk management, audits, reporting and supervision. It also addresses custody, applications and registrations, foreign issuers, transitions from state to federal oversight, and circumstances in which approval can be revoked.

Those details matter to issuers building a regulated business: approval involves how stablecoins are issued and redeemed, how their backing is managed, and how supervisors can examine the operation.

The package leaves Bank Secrecy Act, anti-money laundering and sanctions regulations for a separate rulemaking with Treasury. Finalizing this rule therefore leaves another part of implementation unfinished. Decrypt's report on the announcement also identifies the unopened application window and separate AML process as outstanding steps.

A conditional bridge for existing issuers

In a separate bulletin, the OCC explains how an issuer already operating in the United States could continue while its application is pending. An issuer with a substantially complete application pending by January 18 may request a waiver from requirements of the act or final rule.

The OCC generally expects to grant existing issuers relief from the prior-approval requirement unless its review identifies stronger reasons to deny a request. It has not identified a generally applicable reason to waive other requirements, or to offer the same relief to prospective issuers that are not already operating in the country. Waivers will be assessed individually.

The agency says it will notify applicants within 30 days whether their submissions are substantially complete. It commits to acting on applications no later than 120 days after that determination. Filing an application and receiving authorization are separate stages; the waiver guidance addresses the interval for existing operators.

Sources

• OCC: final GENIUS Act rule announcement
• OCC: rules covered by the final package
• OCC: application and waiver guidance
• OCC: current application status
• Decrypt: stablecoin rules and the application deadline