On February 25, the U.S. Office of the Comptroller of the Currency (OCC) released a proposal to implement the “Guidance and Establishment of the U.S. Stablecoin National Innovation Act” (GENIUS Act) and launched a 60-day public comment period. This marks the transition of the U.S. stablecoin regulatory framework from legislative development to concrete enforcement.
OCC Director Jonathan V. Gould stated that the regulatory framework aims to ensure the stablecoin industry develops in a safe and sound environment. The GENIUS Act, as the United States’ first federal-level legislation on payment stablecoins, took effect in July 2025. According to the law, full implementation is scheduled for 18 months after enactment, i.e., January 18, 2027, or 120 days after the issuance of final regulations by the main regulatory agencies, whichever comes first.
The 376-page proposal clarifies OCC’s jurisdiction over stablecoin regulation, covering national banks or federal savings association subsidiaries, federal qualified payment stablecoin issuers, state-licensed issuers, and certain foreign issuers. The proposal requires issuers to establish a one-to-one reserve mechanism, with reserve assets consisting of identifiable high-liquidity assets, and to set capital and liquidity standards based on risk assessments.
Additionally, issuers are generally required to redeem stablecoins at face value within two business days and to establish risk management systems covering operational transitions, cybersecurity, and third-party risks. OCC noted that related rules under laws such as the Bank Secrecy Act will be advanced through separate procedures.
As a key step in implementing the GENIUS Act, this proposal will be coordinated with the Federal Reserve, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to develop regulations. As regulatory details become clearer, the U.S. payment stablecoin oversight system is forming a more binding and operational regulatory foundation.
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