The Office of the Comptroller of the Currency retained the ban on paying yield to stablecoin holders but will assess third-party reward programs case by case, a decision challenged by the American Bankers Association. The final rule reduces immediately available liquidity from 10% to 5% of reserves and eliminates the proposed insured-deposit allocation capped at $500 million. For an issuer with $100 billion in stablecoins, the immediate-liquidity requirement falls from $10 billion to $5 billion, while the funding shortfall during a hypothetical $12 billion 24-hour redemption run increases from $2 billion to $7 billion. Effective January 18, 2027, the rule will determine whether issuer reserves are recycled into bank deposits or shifted toward securities, affecting bank liquidity and lending capacity.
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