The Office of the Comptroller of the Currency issued a final rule implementing the GENIUS Act for payment stablecoins, effective January 18, 2027.
The rule prohibits issuers from paying direct yield or interest to stablecoin holders but allows the OCC to evaluate third-party yield or reward arrangements case by case, distinguishing payments solely tied to holding stablecoins from other incentives. Transaction-based payments that are not yield remain permissible.
Bank Secrecy Act, AML, and OFAC requirements are deferred to a joint Treasury rulemaking. Application processing timelines will be announced later. Comptroller Jonathan Gould cited reserve backing, redemption, and risk management standards; Treasury Secretary Scott Bessent called the rule a watershed for US digital-dollar policy.
The Independent Community Bankers of America warned stablecoins could drain up to $850 billion from community bank lending without safeguards.