The OCC issues its final GENIUS Act rule for stablecoins and reopens the question of rewards

The Office of the Comptroller of the Currency has issued its final rule to implement the GENIUS Act, setting a federal framework for US stablecoins^1,3. The OCC presented the rule as advancing US leadership in digital assets¹.

Treasury Secretary Scott Bessent said that “the OCC’s final rule carries that landmark legislation forward, providing a clear, practical foundation”¹. Bessent and Comptroller Jonathan V. Gould hailed the rule as a milestone that, in their words, positions the US as a global leader³.

The rule had been expected. On 15 October, Gould said the OCC’s final rule implementing the GENIUS Act would come “in the very near term”⁴.

Why it matters to investors

The most contested question is yield. The OCC’s final rule will start fresh in weighing stablecoin rewards against the GENIUS Act’s ban². Questions of yield have long been at the centre of stablecoin regulation². How the regulator treats rewards will decide what issuers may offer the people who hold their coins^2,3.

The claims of global leadership come from the officials who wrote and backed the rule^1,3. Whether the framework delivers that outcome will depend on how it works in practice, including on the yield question the rule leaves open².

The OCC rule is one part of a wider rule-writing effort. On 30 September, the Treasury, on behalf of the Stablecoin Certification Review Committee, took an interim step under the law⁷. Industry groups are now pressing the Treasury on the remaining pieces^5,6.

The National Cryptocurrency Association is urging the Treasury to preserve access to existing stablecoin holdings as it develops its GENIUS Act rules⁵. The credit union group DCUC has submitted comments to the Treasury to clarify protections for credit unions under the law⁶. DCUC said it supports a regulatory framework that enforces the protections of the act⁶.

What to watch

The first issue is how the OCC weighs stablecoin rewards against the ban in the law². That decision will matter for issuers and for any bank or platform that wants to pay holders a return.

The second is the Treasury’s own rules. Comments from the National Cryptocurrency Association and from credit unions show which questions remain open, from access to existing holdings to the position of credit unions^5,6.

The third is the interim step taken on behalf of the Stablecoin Certification Review Committee⁷. Its final form, alongside the OCC rule³, will fill in more of the federal framework for stablecoins¹.