The U.S. Office of the Comptroller of the Currency (OCC) has finalised a rule setting standards for reserves and redemptions for payment stablecoins.

On Oct. 21, blockchain media outlet Cointelegraph reported that the OCC finalised rules on the issuance of payment stablecoins and certain custody activities. The rules take effect on Jan. 18, 2027.

The rules set out detailed supervisory standards under the federal regulatory framework of the GENIUS Act, which was enacted into law in 2025. Issuers must hold reserves at least equal to the amount of stablecoins in circulation and must generally process redemption requests within 2 business days. Risk-management requirements also apply.

Covered entities include national banks, federal savings associations, U.S. branches of foreign banks and related subsidiaries. Non-bank companies that apply for or obtain federal eligibility to issue payment stablecoins are also covered. State-licensed issuers and certain overseas issuers are subject to the rules to the extent the OCC's regulatory and enforcement authority applies.

After the rules take effect, companies seeking to issue payment stablecoins in the United States must, in principle, obtain approval under the GENIUS Act. Issuance without the required licence could be subject to sanctions, and the timing for accepting licence applications and exemption requests will be announced separately.

A ban on paying interest or yields to stablecoin holders remains in place. Issuers cannot pay interest or returns to holders in exchange for simply holding or using stablecoins. A provision that presumed certain structures linked to affiliates or related third parties to be violations of the ban was removed from the final version.

U.S. Treasury Secretary Scott Bessent (스콧 베센트) called it a "historic moment in finance" in a post on X, formerly Twitter. He compared it to the National Currency Act of 1863, saying it establishes a national framework for payment stablecoins in the digital age. He said the rule will promote private-sector innovation and competition and support U.S. leadership in digital assets.

OCC head Jonathan Gould (조너선 굴드) also said the reserve, redemption and risk-management standards create a clear and practical framework for innovation in payment stablecoins.

The move is meaningful in that it shifts stablecoin policy from declaratory legislation to enforceable supervisory rules. By codifying reserve and redemption standards, the scope of bringing the payment stablecoin market into the regulatory system has also become clearer.

The GENIUS Act marks a watershed moment in American finance, further cementing the United States as the crypto capital of the world. Just as President Abraham Lincoln’s National Currency Act of 1863 established a national framework for bank-issued currency, the GENIUS Act establishes a federal framework for payment stablecoins in the digital age. The @USOCC's final rule carries that landmark legislation forward, providing a clear, practical foundation for private-sector innovation, competition, and American leadership in digital assets.