OCC issues proposed rule on stablecoin regulation

The Office of the Comptroller of the Currency today issued a proposed rule to implement the Genius Act, including guidance on enforcing the statute’s ban on providing interest or yield on payment stablecoins.

Enacted by Congress last year, the Genius Act established a comprehensive framework for the OCC and other federal regulators to supervise payment stablecoins. The 376-page proposed rule outlines requirements for stablecoin issuance, custody practices, operational standards, and risk management. Notably, the OCC proposes setting a $5 million minimum capital threshold for newly formed stablecoin issuers.

Public commentary on the rule is due 60 days after publication in the Federal Register.