OCC Proposes Rules for Payment Stablecoin Issuance Under GENIUS Act, USA, March 2026

On March 2, 2026, the Office of the Comptroller of the Currency (OCC) published a proposed rulemaking to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) for entities subject to its jurisdiction. The Notice of Proposed Rulemaking addresses the issuance of payment stablecoins and related activities by national banks and federal savings associations. The comment period remains open for public input.

The proposed rule is titled "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," published in the Federal Register on March 2, 2026. The GENIUS Act establishes a federal licensing and supervision regime for payment stablecoin issuers. The OCC's proposed rule specifies the conditions under which national banks and their subsidiaries may issue qualifying payment stablecoins, covering reserve requirements, redemption rights, and prohibited activities such as paying interest or yield on stablecoin balances.

National banks, federal savings associations, and their subsidiaries seeking to issue payment stablecoins must submit written plans to the OCC before commencing issuance. Existing stablecoin issuers operating under state money transmission regimes will face a transition period: the proposed rule contemplates a pathway for migration to federal oversight under the GENIUS Act's tiered preemption scheme. Non-bank stablecoin issuers subject to the CFTC or SEC may face dual-track regulatory obligations depending on the nature of their instruments.

The proposed rule explicitly defers to Congress on several open policy questions, including the appropriate treatment of foreign-issued dollar-denominated stablecoins circulating in U.S. markets and interoperability standards between federally chartered and state-chartered issuers. The GENIUS Act itself remains subject to final enactment, meaning the proposed rule's operational timelines are contingent on the Act's passage and any amendments adopted during the legislative process.

Our firm advises stablecoin issuers, payment system operators, and financial institutions on the GENIUS Act regulatory pathway and maintains a dedicated partner network for federal bank charter applications, stablecoin compliance programs, reserve management structuring, and payments law — areas encompassing OCC licensing, Federal Reserve master account access, and state money transmission.

Source: OCC Notice of Proposed Rulemaking, "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," published March 2, 2026. Official URL: https://www.federalregister.gov/agencies/comptroller-of-the-currency (OCC Agency page, 2026 listings). Confirmed April 2, 2026.

The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.