Washington: The United States Wednesday finalised a federal regulatory framework for payment stablecoins, introducing requirements for financial reserves, redemption, risk management and supervision as the Trump administration seeks to strengthen American leadership in digital finance.
The Office of the Comptroller of the Currency (OCC), which regulates national banks and certain other financial institutions, announced the final rule implementing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
The regulations will take effect January 18, 2027.
The rules cover permitted payment stablecoin issuers, qualifying foreign issuers and certain custody activities undertaken by OCC-supervised institutions.
They establish standards governing reserve assets, redemption obligations, capital requirements, operational safeguards, audits, reporting and regulatory supervision.
Treasury Secretary Scott Bessent described the regulations as a major development in America’s financial system.
“The GENIUS Act marks a watershed moment in American finance, further cementing the United States as the crypto capital of the world,” Bessent said.
He compared the legislation to the National Currency Act of 1863, which established a national framework for bank-issued currency.
Bessent said the new rules would provide a foundation for private-sector innovation, competition and American leadership in digital assets.
Comptroller of the Currency Jonathan Gould said the regulations were intended to support innovation while protecting the financial system.
“We are providing a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing, redemption, and risk management,” Gould said.
Payment stablecoins are digital assets designed to maintain a stable value relative to a reference asset, such as the US dollar. They can be used to transfer funds through blockchain-based systems and facilitate payments and settlements.
Unlike cryptocurrencies whose prices can fluctuate substantially, stablecoins seek to maintain their value through reserve backing and redemption arrangements.
The OCC said its regulations establish requirements for the assets issuers must maintain to support their outstanding stablecoins.
They also set standards for redeeming tokens, managing operational and financial risks, and providing information to regulators.
The framework includes provisions governing custody arrangements and the responsibilities of institutions holding digital assets on behalf of customers.
It also establishes procedures for applications, registrations, supervision and the possible withdrawal of regulatory approval.
The rules apply to national banks and their subsidiaries, federal savings associations and their subsidiaries, qualifying nonbank issuers, certain state-regulated issuers and foreign payment stablecoin issuers falling within OCC jurisdiction.
The agency said it received hundreds of comments on its proposed regulations from financial institutions, cryptocurrency companies, industry associations, academics and other stakeholders.
The final rule incorporates changes made following that consultation process.
However, the OCC said the regulations do not yet address every aspect of the GENIUS Act.
Separate rules covering the Bank Secrecy Act, anti-money laundering requirements and sanctions administered by the Office of Foreign Assets Control will be developed in coordination with the Treasury Department.
The OCC also announced revised weekly and quarterly reporting forms intended to help regulators assess issuers’ financial condition, reserves and compliance with the new framework.
Those reporting requirements remain subject to the applicable approval process.
The agency said it would separately announce when it would begin accepting and processing applications and waiver requests from prospective stablecoin issuers.
The GENIUS Act was enacted July 18, 2025, establishing the statutory foundation for federal oversight of payment stablecoins. The OCC subsequently issued proposed implementing regulations in February 2026 before finalising them this week.
The American framework is relevant to the development of cross-border digital payments, financial technology and international regulation of dollar-linked digital assets.
