OCC drops affiliate rewards presumption but keeps stablecoin yield ban in final GENIUS Act rule

The Office of the Comptroller of the Currency (OCC) issued its final GENIUS Act rule on Oct. 21, 2026, dropping the proposed presumption against certain stablecoin rewards routed through affiliates or related third parties, while retaining the prohibition on issuers paying holders interest or yield solely for holding, using or retaining a payment stablecoin. This rule applies to permitted and foreign payment stablecoin issuers within the OCC’s jurisdiction and certain custody activities by OCC-supervised entities, taking effect on Jan. 18, 2027. Existing rewards programs receive no grandfathering, and the OCC rejected a safe harbor for small yield payments; rewards arrangements will now be reviewed based on the facts through issuer applications and supervision, without a list of approved structures.