US sets final stablecoin rules: reserves, redemptions and no yield

What the law is. The GENIUS Act was signed in July 2025. It lets only permitted issuers issue payment stablecoins in the US. Crypto platforms cannot sell Americans coins from other issuers, apart from foreign issuers that meet certain requirements.

What the OCC did. The regulator issued a final rule for the firms it oversees: national banks and their subsidiaries, federal savings associations, federal branches of foreign banks, nonbank firms with federal approval and some state-qualified issuers. Most requirements sit in a new section of its rules: reserves, redemption, risk, audits and reports, custody, applications, supervision of foreign issuers and a capital backstop.

Reserves and redemptions. According to Cointelegraph, an issuer's reserves must be worth at least as much as its coins in circulation, and redemption requests generally have to be processed within two business days. The ban on paying holders interest just for holding a coin stays. The OCC did drop a proposed presumption that some arrangements with affiliates automatically break that ban.

What is still missing. Anti-money laundering and sanctions rules are not in this rule and will be written separately with Treasury. The OCC will announce separately when applications open. The proposal drew hundreds of comments from crypto firms, banks and academics.

已确认的事实

• On 21 October 2026 the OCC announced a final rule implementing the GENIUS Act on payment stablecoins.^[1][2]
• The rule and the GENIUS Act take effect on 18 January 2027.^[1][2]
• It applies to national banks, federal savings associations, federal branches, their subsidiaries, foreign issuers and federally approved nonbank issuers.^[2]
• Requirements cover reserves, redemption, risk management, audits and reporting, custody, applications and a capital backstop.^[2][4]
• Anti-money laundering and sanctions rules will come separately, in coordination with the US Treasury.^[1][2]
• The OCC will announce separately when it starts accepting issuer applications.^[1]
• The GENIUS Act was enacted on 18 July 2025.^[2]
• Reserves must be worth at least the coins outstanding, and redemptions generally processed within two business days.^[3]
• The ban on paying holders yield solely for holding a stablecoin stays.^[3]

影响

• 已确认Banks and firms in the US now have a full set of rules for issuing stablecoins.
• 已确认US issuers will not pay yield just for holding dollar stablecoins.
• 我们的解读Big US banks may launch their own stablecoins after January.

仍未知

• When the OCC will start taking applications.
• What the anti-money laundering and sanctions rules will say.
• Who will apply first.

影响到谁

USA. Anyone who holds USDC, USDT or other stablecoins, or pays with them

来源

1. Office of the Comptroller of the Currency: OCC Advances U.S. Digital Asset Leadership with Final Rule to Implement GENIUS Act 2026年10月21日 · 官方
2. Office of the Comptroller of the Currency: OCC Bulletin 2026-50: GENIUS Act Regulations: Final Rule 2026年10月21日 · 官方
3. Cointelegraph: OCC finalizes GENIUS Act rules for stablecoin issuers and custody 2026年10月21日 · 媒体
4. Decrypt: OCC Finalizes GENIUS Act Stablecoin Rules Ahead of January Deadline 2026年10月21日 · 媒体