OCC finalizes its GENIUS Act rule for stablecoin issuers, effective 18 January 2027, and drops the presumption against third-party rewards

The Office of the Comptroller of the Currency has finalized its rule implementing the GENIUS Act, setting reserve, redemption, risk-management and custody requirements for payment stablecoin issuers under its jurisdiction. The rule takes effect on 18 January 2027, the same day as the law.

Issuers remain barred from paying interest directly to holders. The OCC dropped the proposed presumption against third-party reward programmes, so crypto exchanges can keep offering them for now, with arrangements assessed case by case; the banking industry had objected.

The OCC said it will announce separately when it begins accepting applications from prospective issuers. Rules on anti-money laundering and sanctions will follow in a separate rulemaking with Treasury.

The read: the first batch of issuer approvals will show how the OCC treats exchange rewards in practice.