The OCC adopted a final stablecoin redemption rule that sets an ordinary maximum deadline of two business days after a qualifying request. Compliance is measured when the issuer has fully processed and initiated the transfer of monetary value, without waiting for an external bank to make the funds available. Requests exceeding 10% of a brand’s outstanding issuance within 24 hours require notification to the OCC but no longer trigger an automatic seven-day extension; any additional time now depends on the regulator. Subject to Office of Management and Budget approval, the confidential PS-01 instructions would distinguish tokens redeemed but not yet paid, average redemption time, and redemptions exceeding two business days. Direct access remains decisive, as illustrated by Circle, whose direct USDC redemption service is limited to institutions and distributors subject to identity, fraud, and sanctions checks.
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