OCC finalizes GENIUS Act stablecoin rules, leaves rewards fight open

The Office of the Comptroller of the Currency finalized rules implementing the GENIUS Act on Wednesday, establishing the first federal framework for payment stablecoin issuers covering reserve backing, redemptions, capital, custody, audits and risk management. The rule takes effect January 18, 2027. The final rule drops a proposed presumption that certain issuer-third party arrangements violate the ban on interest payments, opting instead for case-by-case review of stablecoin rewards programs, leaving the 'stablecoin loophole' unresolved.