The Office of the Comptroller of the Currency (OCC) has unveiled a sweeping proposed rule to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act, marking a significant step toward establishing a federal regulatory framework for payment stablecoins in the United States.
The proposal, released as a notice of proposed rulemaking, sets out how the OCC plans to oversee permitted payment stablecoin issuers and certain foreign issuers operating under its jurisdiction. The agency is inviting public comment for 60 days, signaling that the framework remains open to refinement before being finalized.
In a statement accompanying the release, Comptroller of the Currency Jonathan V. Gould emphasized the agency’s intent to strike a careful balance.
Key Takeaways
- The Office of the Comptroller of the Currency has proposed comprehensive rules to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act, establishing federal oversight for payment stablecoin issuers under its jurisdiction.
- Payment stablecoin issuers would be required to maintain at least one-to-one backing with identifiable, highly liquid reserve assets and honor redemptions at par value within two business days.
- Capital and liquidity requirements would be set on a case-by-case basis, depending on each issuer’s specific risk profile and operational structure.
- A new regulatory framework under 12 CFR 15 would cover activities, custody, supervision, foreign issuer oversight, and procedures for approval or revocation of stablecoin issuers.
- A 60-day public comment period has been opened as part of a broader interagency effort involving the Federal Reserve, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to fully implement the GENIUS Act.
A New Regulatory Structure Under 12 CFR 15
Much of the proposed framework would be codified in a new section of federal banking regulations, 12 CFR 15.
This section would outline standards for activities, reserve management, redemption rights, risk controls, reporting, supervision, and the approval process for issuers seeking authorization from the OCC.
The rule also addresses how state-qualified payment stablecoin issuers could transition into the federal framework and details how the OCC would examine foreign issuers operating in the U.S. market. It includes provisions for revoking or rescinding approval in certain circumstances and establishes capital and operational backstop requirements.
Beyond the new section, the OCC is proposing amendments to existing capital adequacy standards (12 CFR 3), prompt corrective action rules (12 CFR 6), assessment fees (12 CFR 8), and procedural rules (12 CFR 19), aligning them with the new stablecoin regime.
Reserve, Redemption, and Risk Controls
The GENIUS Act, enacted in July 2025, created the first comprehensive federal structure for payment stablecoins. The OCC’s proposal translates the statute’s core mandates into operational requirements.
Among the most consequential provisions is the requirement that payment stablecoins be backed at least one-to-one with identifiable, highly liquid assets. Issuers would be expected to maintain transparent reserves and ensure that redemptions occur at par value—generally within two business days.
Capital and liquidity requirements would not follow a one-size-fits-all formula. Instead, they would be calibrated based on an issuer’s risk profile. The proposal also requires issuers to maintain a principles-based risk management framework, covering cybersecurity, operational continuity, third-party dependencies, and transition planning.
The rule further clarifies the OCC’s authority over subsidiaries of national banks or federal savings associations, federally chartered payment stablecoin issuers, state-qualified issuers operating under federal oversight, and certain foreign issuers.
Coordination Across Federal Agencies
While the proposal is comprehensive, it does not cover every regulatory obligation tied to stablecoin issuance. Requirements linked to the Bank Secrecy Act, anti-money laundering compliance, and sanctions administered by the Office of Foreign Assets Control will be addressed separately in coordination with the Department of the Treasury.
The OCC’s rulemaking is part of a broader interagency effort to implement the GENIUS Act. Other primary regulators, including the Federal Reserve, the Federal Deposit Insurance Corporation, and the National Credit Union Administration, are expected to issue complementary regulations.
Under the statute, the GENIUS Act will take effect on the earlier of 18 months after enactment—January 18, 2027—or 120 days after final implementing regulations are issued by the primary regulators. That timeline places pressure on agencies to finalize rules in a coordinated and timely manner.
Industry Implications
For banks, fintech firms, and crypto-native stablecoin issuers, the proposal represents both clarity and constraint. On one hand, it offers a clear federal pathway for stablecoin issuance, potentially reducing regulatory fragmentation between state and federal regimes.
On the other, it introduces formal supervisory expectations similar to those applied to traditional banking institutions.
The 376-page proposal underscores that payment stablecoins will be treated as a matter of financial stability and consumer protection, not merely innovation. If finalized largely as drafted, issuers will need to demonstrate robust governance, liquidity discipline, and operational resilience before entering—or remaining in—the U.S. market under federal oversight.
With the comment period now open, industry participants have a narrow window to influence what could become the defining rulebook for U.S. dollar-backed stablecoins.
