The Office of the Comptroller of the Currency published the final rule implementing the GENIUS Act on October 21, 2026, with the legislation taking effect on January 18, 2027. The framework covers U.S. and foreign payment stablecoin issuers, requiring dollar-backed reserves at a 1-to-1 ratio, monthly attestations, annual financial statements for issuers with more than 50 billion dollars in circulation and redemption rights at par. As of October 21, 2026, total stablecoin capitalization reached 301.1 billion dollars, led by USDT and USDC, while stablecoin transfer volume totaled 1.064 trillion dollars in September 2026. Reward programs offered by Coinbase, PayPal and Kraken will be reviewed on a case-by-case basis because the law prohibits paying users simply for holding or using a stablecoin.
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