Banking Regulator Races to Finalize GENIUS Act Stablecoin Rules
Summary
The OCC plans to finalize its stablecoin issuer rules by November to meet the GENIUS Act deadline and start processing applications in the new year. Jonathan Gould said the agency is moving quickly after taking public comments on a February draft and expects applications to open in 2027. The rule will cover reserves, redemption at par, liquidity, risk management, audits, custody, supervision, and wind-down procedures for failed issuers; AML and sanctions rules are being handled separately with Treasury. The GENIUS Act, signed in July 2025, creates the federal framework for payment stablecoins and takes effect in January 2027. Only permitted issuers will be allowed to offer payment stablecoins to U.S. users once the law is fully in force.
