The Office of the Comptroller of the Currency (OCC) has taken a big step toward putting stablecoins under clear federal rules in the United States.
On February 25, the OCC released a detailed proposal explaining how it plans to carry out the GENIUS Act. This law, passed in July 2025, created a national framework for regulating payment stablecoins after years of debate over digital assets.
What the new proposal says
The draft rules lay out how payment stablecoins can be:
- Issued
- Backed by reserves
- Supervised
- And even shut down if needed
Under the plan, the OCC would oversee “permitted payment stablecoin issuers.” That includes:
- Subsidiaries of national banks
- Federally qualified issuers
- Certain approved state-level issuers
- Some foreign stablecoin issuers that meet strict requirements
The proposal sets clear standards. Stablecoins must be fully backed by proper reserve assets. Issuers must allow users to redeem coins at face value. There will also be rules for liquidity, risk management, audits, supervision, and custody.
In short, the goal is to bring stablecoins into the traditional banking system — with real oversight.
Public feedback invited
The OCC has opened a 60-day public comment period. During this time, industry players, experts, and the public can give feedback before the rules are finalized.
Some key issues — like anti-money laundering rules, Bank Secrecy Act requirements, and sanctions compliance — will be handled separately, together with the United States Department of the Treasury.
Comptroller Jonathan V. Gould said the framework is designed to help the stablecoin sector grow in a “safe and sound” way, while giving companies clear guidance under federal supervision.
Why this matters
This is a major moment for the crypto industry. For the first time, payment stablecoins could operate under a full federal banking structure.
If finalized, these rules could shape how banks, fintech companies, and even foreign firms issue and manage stablecoins in the years ahead.
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