OCC Issues NPRM to Implement GENIUS Act Stablecoin Standards, March 2026

On March 2, 2026, the Office of the Comptroller of the Currency (OCC) published a Notice of Proposed Rulemaking (NPRM) in the Federal Register (document number 2026-04089) to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) regarding the issuance of payment stablecoins and related activities by entities subject to the OCC's jurisdiction. The rule is at the proposed stage and subject to public comment before any final action.

The GENIUS Act, enacted into law prior to the publication of this NPRM, directs the OCC to establish federal standards for the issuance and oversight of payment stablecoins by national banks and other OCC-supervised entities. The proposed rule operationalizes this statutory mandate by setting out requirements governing reserve assets, redemption rights, disclosures, and risk management for payment stablecoin issuers. The OCC acts as the primary federal supervisor for national banks and federal savings associations under 12 U.S.C. Chapter 1.

National banks, federal savings associations, and federal branches of foreign banks that issue or plan to issue payment stablecoins must assess their current practices against the proposed standards. Issuers will face requirements to maintain high-quality, liquid reserve assets backing outstanding stablecoin balances, provide holders with clear redemption rights, and implement robust internal controls. Non-bank stablecoin issuers not chartered under the National Bank Act fall outside the OCC's direct jurisdiction and are not covered by this proposed rule.

The proposed rule is subject to a public comment period. Interested parties should monitor the Federal Register for the official comment deadline. The OCC may revise the proposed standards materially before issuing a final rule. Questions remain open regarding the treatment of stablecoins issued by state-chartered institutions, the interplay with Federal Reserve and FDIC oversight, and whether Congress will enact companion legislation applicable to non-bank issuers.

Source: Federal Register, "Implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act for the Issuance of Stablecoins by Entities Subject to the Jurisdiction of the Office of the Comptroller of the Currency," document 2026-04089, published March 2, 2026. Official URL: https://www.federalregister.gov/documents/2026/03/02/2026-04089/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the — Confirmed March 12, 2026.

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