The OCC finalized a rule on October 21, 2026, establishing how payment stablecoins will be issued and supervised in the United States, with an effective date of January 18, 2027. The rule implements the GENIUS Act, which became law on July 18, 2025, and sets standards for reserves, redemption, risk management and auditing. The American Bankers Association is challenging the removal from the final rule of a rebuttable presumption against certain indirect rewards paid to stablecoin holders by third parties, including crypto platforms. The OCC will now assess each arrangement on a case-by-case basis, a flexibility the association says runs counter to Congress’s intent to distinguish stablecoins from bank deposits and protect local lending. Key issues to watch include the OCC’s first decisions on reward arrangements, the Treasury’s separate anti-money-laundering measures and potential differences between regulators.
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