WASHINGTON — The Office of the Comptroller of the Currency on Wednesday unveiled a comprehensive proposed rule aimed at implementing the federal stablecoin regulatory framework established by GENIUS Act, marking a major step toward bringing payment stablecoins under formal U.S. bank-style supervision.
The draft rule, spread across roughly 376 pages, details how the OCC will regulate payment stablecoin issuers, including licensing, permitted activities, and prudential standards.
Under the proposal, only entities approved as permitted payment stablecoin issuers would be authorized to issue U.S. dollar-linked stablecoins in the United States, effectively carving out a regulatory perimeter for compliant activity. The framework sets expectations for issuance, redemption, reserve backing and operational risk management by institutions subject to OCC oversight, including insured banks, nonbanks and certain foreign issuers.
The agency also opened a 60-day public comment period on the draft rule, inviting feedback from industry participants, consumer advocates and other stakeholders before final regulations are adopted. Anti-money laundering, sanctions compliance and related obligations remain slated for a separate coordinated rulemaking with the Department of the Treasury, including the Treasury’s Financial Crimes Enforcement Network and Office of Foreign Assets Control.
Comptroller of the Currency Jonathan Gould described the proposal as designed to give stablecoin issuers a “clear, predictable regulatory path” while ensuring that activities occur in a safe and sound manner that protects the broader financial system. Observers note that by placing stablecoins within a federal supervisory regime, the rules could expand institutional adoption of digital dollar-linked tokens without treating compliant stablecoins as securities, Coindoo reported.
The GENIUS Act, enacted in July 2025, directs federal regulators, including the OCC and the Federal Deposit Insurance Corporation, to issue regulations for payment stablecoins that address capital, liquidity, governance and safety requirements. This proposal represents the OCC’s implementation of those statutory mandates and follows separate regulatory activity by the FDIC to develop its own framework for institutions it supervises.
Industry reaction has been mixed: supporters say the rules provide long-sought clarity, while some critics argue the framework may be too prescriptive or burdensome for emerging issuers. As the public comment window begins, stakeholders will have an early opportunity to shape the final contours of U.S. stablecoin regulation, POLITICO noted.