The OCC is urging community banks to apply for authorization to issue payment stablecoins before January 18, 2027, when the GENIUS Act provisions take effect. Issuing without prior OCC approval could result in criminal penalties, while a substantially complete application filed by the deadline may qualify for a temporary 12-month waiver. The OCC says community bank deposits can serve as eligible reserves and that supervision will be tailored to each issuer’s size and risk profile. The Independent Community Bankers of America, however, estimates that stablecoin adoption could reduce community bank lending capacity by nearly $850 billion, raising concerns about tighter local credit.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
