January 18, 2027 is now official. The OCC became the first US regulator to finalize its GENIUS Act stablecoin rule.
Key points:
Standards on reserves, redemption, risk management, custody and capital.
Covers bank subsidiaries, nonbank, state-qualified and foreign issuers.
Reward deals through third parties get case-by-case review.
The rule forms the US safety framework for payment stablecoins under OCC oversight. AML and sanctions rules are separate and will come with the Treasury.
Personally, I think the rewards decision is the biggest signal. Issuers still cannot pay interest directly, but partner reward arrangements are no longer presumed unlawful. That keeps an important product feature alive while regulators keep enforcement power.
Clearer rules should favour regulated issuers. The next watch point is the OCC application window.
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