The US Office of the Comptroller of the Currency has called on community banks to develop payment stablecoin capabilities after finalizing the rules under the GENIUS Act. The stablecoin law is set to be enforced starting in January. The OCC is encouraging interested banks to apply to issue these stablecoins themselves or through a subsidiary. Their participation could challenge the market share of crypto companies and financial institutions, amid opposition from banking groups to the stablecoin yield rules and legal action by community banks against the OCC.
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