US OCC calls on community banks to become payment stablecoin issuers
Summary
The OCC urged community banks to consider issuing payment stablecoins under its finalized rules for the GENIUS Act, whose requirements are set to take effect in January. The regulator said banks or their subsidiaries could apply to become permitted issuers. The appeal comes amid banking groups’ objections to the OCC’s proposed stablecoin-yield rules and ongoing legal disputes over the agency’s approval of crypto-company bank charters. Community banks argue crypto firms face fewer regulatory requirements; wider bank participation could challenge crypto companies’ and financial institutions’ stablecoin market share.
