The OCC removed from its October 21 final rule a presumption covering certain rewards routed through affiliates or related third parties, while retaining the prohibition on issuers paying interest or yield solely for holding, using or retaining a payment stablecoin. The prohibition applies to programs predating the GENIUS Act without a transition period, as well as to stablecoins held by institutional and retail users. The regulator also declined to establish a de minimis safe harbor for small payments and will now assess each arrangement based on its specific facts, without publishing a list of permitted or prohibited structures. The rule takes effect on January 18, 2027, while the OCC will monitor arrangements through issuer applications and ongoing supervision and retain its anti-evasion authority.
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