The Office of the Comptroller of the Currency finalized a rule for payment stablecoins on October 21, 2026, taking effect on January 18, 2027. Issuers under its supervision must hold reserves of at least 100% in eligible, high-quality assets, including U.S. currency, insured deposits and short-term Treasury securities, and generally allow redemptions within two business days. Direct interest payments for simply holding a payment stablecoin will be prohibited, while yield arrangements proposed by affiliates or third parties will be reviewed case by case. This first comprehensive federal framework does not cover the Bank Secrecy Act, anti-money laundering requirements or sanctions obligations, which will be addressed through separate Treasury regulations.
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