The Office of the Comptroller of the Currency has finalised its GENIUS Act framework for payment stablecoins, setting 18 January 2027 as the effective date. The package covers issuance, reserves, custody and supervision for entities within the OCC’s jurisdiction.[2]
The final rule removes a proposed presumption against certain issuer arrangements that pass yield through affiliates or related third parties. Issuers remain barred from paying holders solely for holding, using or retaining a stablecoin, and the OCC retains anti-evasion powers. Platforms designing rewards programmes therefore still need to distinguish their own incentives from issuer evasion.[1]
Redemption normally must finish within two business days. Requests exceeding 10% of any brand’s outstanding issuance value in 24 hours require notice within 24 hours. An issuer may ask the OCC for more time; the proposed automatic seven-day extension was dropped.[1]
The route into the January regime
Existing US issuers can seek temporary relief if a substantially complete application is pending by the effective date. The OCC generally expects to grant qualifying applicants waivers from prior approval, absent stronger reasons to refuse. Relief from other requirements remains a separate assessment, and prospective issuers are generally expected to obtain permission before starting operations.[3]
Application and waiver milestones
| Measure | Value | Context |
|---|---|---|
| Applications open | After OMB approves the application forms; the OCC will announce the opening. | Source 3 |
| Decision clock | No later than 120 days after an application is substantially complete. | Source 3 |
| Waiver duration | Up to 12 months from 18 January 2027, limited to the time justified. | Source 3 |
That distinction makes application readiness commercially important: filing an incomplete dossier is not the same as securing a transition waiver. Firms need to demonstrate their business plan, reserve arrangements, redemption processes and risk controls while awaiting the opening of the submission channel.[3]
The framework also addresses foreign issuers and certain custody activities at supervised institutions. Banks and platforms should map each role to the relevant requirements: issuing the token, distributing it and safeguarding it involve different obligations. Bank Secrecy Act, anti-money-laundering and sanctions provisions will be addressed separately with the Treasury.[2]
Sources & further reading
- GENIUS Act final rule for payment stablecoin activities Office of the Comptroller of the Currency · 21 Oct 2026 · Accessed 21 Oct 2026
- GENIUS Act: Final Rule, OCC Bulletin 2026-50 Office of the Comptroller of the Currency · 21 Oct 2026 · Accessed 21 Oct 2026
- GENIUS Act: Waivers and Application Submission Guidance, OCC Bulletin 2026-51 Office of the Comptroller of the Currency · 21 Oct 2026 · Accessed 21 Oct 2026