US Gov't Rolls Out New Stablecoin Rules
The U.S. Office of the Comptroller of the Currency (OCC) is implementing new guidance for stablecoins, mandating that only entities under its jurisdiction can issue them. The rules enforce strict requirements for reserves, auditability, and real-time reporting, directly impacting trading and payment platforms.
This new guidance operationalizes the "Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act," which was signed into law in July 2025. The act established the first federal regulatory framework for payment stablecoins in the U.S. and tasked agencies like the OCC with creating specific rules. Under the proposed rule, issuers must hold high-quality, liquid assets—such as cash, central bank reserves, and short-term Treasuries—equal to or exceeding the value of the stablecoins in circulation. Issuers will also face a minimum capital requirement starting at $5 million, with the potential for higher amounts from $6.05 million to $25 million depending on the business model's risk profile. A significant point of debate is the prohibition on paying interest. The GENIUS Act itself bars issuers from paying yield, and the new OCC rules extend this with a "rebuttable presumption" against arrangements where affiliates or third parties offer rewards to holders. This is intended to prevent stablecoins from functioning as unregulated interest-bearing accounts that could compete with traditional bank deposits. The rules also detail requirements for timely redemption, mandating that holders be able to redeem their stablecoins for par value within two business days. Furthermore, any state-regulated stablecoin issuer that grows to exceed $10 billion in circulation must transition to OCC oversight. This federal framework aligns the U.S. with other major jurisdictions like the European Union, Japan, and Hong Kong, which have also implemented specific regulations for stablecoins. The OCC's proposal is currently in a 60-day public comment period before the rules are finalized. The broader crypto market structure is still under consideration, with the CLARITY Act being the next major piece of potential legislation. This next act could further address whether other digital asset service providers, like exchanges and custodians, are also prohibited from paying yield on stablecoins. Separate rulemaking is expected from the OCC and the Treasury Department to address Bank Secrecy Act, anti-money laundering (AML), and sanctions compliance for stablecoin issuers.
