The Office of the Comptroller of the Currency (OCC) has laid out a temporary waiver path for stablecoin issuers already operating in the United States. Under the GENIUS Act, signed into law on July 18, 2025, a waiver is not an automatic green light: issuers must secure an express waiver before they can keep minting once the law takes effect.
🔑 En bref
- The OCC opens a waiver path for payment stablecoin issuers already active in the US, but grants no acquired right.
- Applications must be substantially complete by January 18, 2027, and any waiver is capped at twelve months.
- Proposed rules require one-to-one reserves in eligible assets, with a 40% cap per institution and a 20-day maximum weighted average duration.
- The draft bans yield paid merely for holding a stablecoin, while leaving room for case-by-case review.
A conditional waiver, not an acquired right
The GENIUS Act requires prior authorization before any payment stablecoin can be issued in the United States. The statute is not aimed only at newcomers: it also builds in a transition for firms already active in the market. The waiver described by the OCC targets issuers operating in the country that are still awaiting approval.
The critical distinction is between filing and authorization. According to the OCC, a request on its own will not allow an issuer to keep issuing once the law takes effect; the issuer must hold an express waiver. The agency’s guidance frames the logic plainly:
“The OCC generally expects to grant requests to waive prior approval for existing issuers operating in the US that submit substantially complete applications before the effective date. It can still deny a request if its review identifies more compelling reasons to do so.”
Office of the Comptroller of the Currency, waiver guidance
The operative phrase is ‘generally expects’. The OCC signals an expectation, not an entitlement, and keeps the right to deny a request if its review reveals more compelling reasons. That discretion turns the process into a merits-based assessment in which the quality of the file directly shapes the outcome.
The waiver can cover the prior approval required for issuance. Applicants may also seek relief from other provisions they could not meet on the effective date, but the OCC says it has identified no general and compelling rationale for granting such additional requests.
Eligibility and filing timeline
To benefit, an issuer must submit a written waiver request and have filed with the OCC, no later than January 18, 2027, an approval application that is ‘substantially complete’. In practice, the file must contain enough information for the OCC to determine whether the entity meets the applicable approval criteria. An incomplete file does not meet that test, regardless of the strength of the underlying business.
Eligible groups include subsidiaries whose parent insured depository institution has filed an approval application on their behalf, as well as entities seeking qualified federal payment stablecoin issuer status. The perimeter signals that the pathway is designed for structures already integrated into the banking system or in the process of qualifying.
- Submit a written waiver request to the OCC.
- File, no later than January 18, 2027, a substantially complete approval application.
- Obtain an express decision before continuing any issuance.
A deliberately narrow scope
The OCC states that prospective issuers should begin US activity only after receiving the relevant approval. It found no general basis to extend this type of waiver to entities that are not already active or do not already issue stablecoins in the United States. For foreign players without a US footprint, the 2026 pathway offers no shortcut.
What the proposal requires for reserves and yield
The OCC’s proposal is the first comprehensive federal rule implementing the GENIUS Act. Its parameters will determine how robust admitted issuers must be in practice. The table below summarizes the main thresholds.
| Requirement | Proposed threshold | Watch point |
|---|---|---|
| Reserve coverage | 1:1 minimum, at market value | Stablecoins and other cryptocurrencies excluded |
| Maximum weight at one eligible institution | 40% | Diversification threshold |
| Weighted average duration | 20 days maximum | Exposure to rate moves |
| Insured deposits | 0.5% of reserves, capped at $500 million | Applies from $25 billion in circulation |
| Redemption | 2 business days, extended to 7 calendar days for significant requests | Liquidity management |
Identifiable reserves must maintain a market value at least equal to the total value of stablecoins in circulation, on a one-for-one basis. Eligible assets include cash and balances at the Federal Reserve, short-term US Treasury securities, certain repurchase agreements backed by eligible securities, certain money market funds invested solely in eligible assets, and tokenized representations of eligible assets meeting precise conditions. Stablecoins themselves and other cryptocurrencies are excluded.
The proposal includes neither capital overcollateralization nor any buffer beyond the value of stablecoins in circulation. The OCC nonetheless seeks comment on whether such a buffer, or changes to liquidity requirements, should be introduced, a point that could evolve once the consultation outcome is weighed.
Capital requirements would rest on principles rather than standardized minimums, and issuers would maintain operational arrangements proportionate to their annual expenses. Transactions with insiders and affiliates would be limited to amounts that are not excessive, do not present a significant risk of material financial loss, and occur on market terms.
The yield ban: a line still blurry
The draft prohibits any interest or yield paid solely because of holding, using or storing a stablecoin. The OCC proposes a rebuttable presumption that certain arrangements involving affiliates or third parties, replicating a yield logic, would breach the ban. The agency also keeps case-by-case authority where the economic structure of an arrangement amounts to yield, even when the entities are legally separate.
Merchant rebates and profit-sharing with unaffiliated partners are not automatically prohibited, but their limits remain uncertain. This is a point that deserves close attention from platforms distributing stablecoins.
Timeline, consultation and outlook
The proposal was issued on February 25, 2026 and published in the Federal Register on March 2, 2026 as document 2026-04089 (91 FR 10202). It poses 211 specific questions. Comments were due May 1, 2026. According to the Federal Register, 257,601 comments were received and the consultation is now closed.
The law required final rules by July 18, 2026, one year after enactment. It takes effect on January 18, 2027, or 120 days after the applicable federal rules are adopted, with the closer of the two dates applying. The OCC evaluates waiver requests on their merits and says it generally intends to act no later than January 18, 2027.
As of October 21, 2026, the OCC had not yet opened intake for applications or waiver requests. Opening depended on final approval by the Office of Management and Budget of the information collection tied to the application forms, and the agency said it would announce the opening by press release. No market reaction or price move directly linked to the waiver appears in the available sources; the observable responses so far are regulatory.
Conclusion: a managed transition with open scenarios
The waiver pathway reflects a logic of controlled continuity. It allows issuers already active to avoid an abrupt halt in issuance, provided they file a substantially complete application and accept a merits-based decision. Three scenarios stand out. In the first, the OCC grants waivers to complete files, consolidating incumbent issuers. In the second, selective denials based on compelling reasons reshape the field in favor of the strongest balance sheets. In the third, delays in opening the forms shrink the effective window without changing the substance of the regime.
For investors, the stakes go beyond regulation: reserve quality, duration management and the boundary of yield will shape confidence in payment stablecoins. This article is informational and does not constitute investment advice; the actual trajectory will depend on the OCC’s final decisions and on the definitive rules.
Sources
- CryptoSlate, OCC waiver rule puts active stablecoin issuers on notice
- Gibson Dunn, OCC proposes comprehensive stablecoin regulatory framework
- OCC, GENIUS Act implementation page
- Sullivan and Cromwell, OCC proposes regulations to implement GENIUS Act
- Chapman, GENIUS Act rulemaking tracker
- Federal Register, document 2026-04089, March 2, 2026
Cet article est publié à titre informatif et éducatif. Il ne constitue en aucun cas un conseil en investissement. Faites vos propres recherches (DYOR) avant toute décision.
