The United States' Office of the Comptroller of the Currency announced its final GENIUS Act rules on October 21, setting January 18, 2027 as the start date for its payment-stablecoin framework.
The rules cover issuers under the OCC's jurisdiction, including qualifying bank subsidiaries, federal nonbank issuers and registered foreign issuers, alongside certain custody activities. They address reserves, redemption, risk controls and supervision. Bank Secrecy Act, anti-money-laundering and sanctions provisions are being handled separately with the Treasury Department. Applicants must also certify that their submissions and supporting material contain no material misrepresentations or omissions.
Existing issuers face a separate waiver decision
In its separate waiver guidance, the OCC says applications will be accepted after the Office of Management and Budget approves the related information collection. A further announcement will identify when filings can begin. Existing issuers are urged to submit waiver requests as soon as practicable after that opening. The agency generally aims to decide waiver requests by January 18, 2027.
The agency generally expects to grant relief from the prior-approval requirement to existing issuers operating in the US with substantially complete applications submitted before the law takes effect, unless its review identifies stronger reasons for refusal. Its concern is disruption: an operating issuer could otherwise breach the requirement while waiting for a decision despite having made a timely application.
That expectation does not extend across the entire rulebook. The OCC says it has not identified general grounds to waive other requirements, or to let businesses not already issuing in the United States start without approval. Requests will be judged individually, with relief limited to the period needed to address the reason for granting it.
A separate application-paperwork notice clarifies that an issuer can deploy the same stablecoin brand across multiple blockchains without a separate application for each deployment. It also tells applicants that standard form questions need not limit their presentation: supporting information explaining their conclusions should accompany the filing.
An applicant seeking to issue through an uninsured national bank must seek a bank charter separately from stablecoin approval. One entity may apply to issue several brands, but the OCC will examine the proposal's safety, soundness and protection of holders.
Reporting proposals still need paperwork approval
The OCC has also revised its proposed weekly and quarterly reporting forms after receiving comments. Subject to OMB approval, weekly reporting would begin with a January 25, 2027 report date, with submission due January 27. The first quarterly report would cover March 31 and be due by April 30. The agency is seeking further comments on the collection for 30 days after Federal Register publication.
One revision removes the proposed requirement to file corrections within five calendar days of discovering omissions or significant errors. The OCC says this gives issuers more flexibility to address errors, but does not remove the duty to correct inaccurate reports in a timely manner. Firms uncertain about the appropriate timetable are directed to their supervisory team.
The revised forms also identify whether reserve assets are tokenised. Before implementation, the agency plans to publish technical specifications, including a data dictionary, validation checks, XML schemas, sample files and filing instructions. The instructions allow legal entity identifiers but do not require an issuer to obtain one solely to file these reports.
For holders, regulation should not be confused with deposit insurance. The underlying GENIUS Act, enacted in July 2025, says payment stablecoins are not backed by the US government's guarantee or covered by federal deposit or credit-union share insurance. It also prohibits claims that they have those protections. This distinction remains relevant even where an issuer has regulatory approval or keeps some reserves at a bank.
The statute instead gives holders priority over other claimants against required stablecoin reserves in a permitted payment-stablecoin issuer's insolvency, shared proportionately with other holders. That priority concerns claims arising from holding the stablecoins. It is not a government promise to reimburse a loss. Its custody provisions also require customer property to be treated as belonging to the customer and protected against the custodian's creditors.
Dalimss News has separately reported on the Financial Stability Board's cross-border stablecoin concerns and Europe's restrictions on services involving non-compliant stablecoins. Those measures concern different supervisory frameworks.
