The OCC’s final rule implementing the GENIUS Act removes a proposed presumption that certain transactions involving affiliates or related third parties would violate the stablecoin yield prohibition. The agency said the presumption risked capturing permissible arrangements while suggesting that arrangements outside its scope were consistent with the law.

The prohibition itself remains: issuers may not pay holders interest or yield solely in connection with holding, using or retaining a payment stablecoin. Rather than publish a list of permitted arrangements, the OCC said it will assess arrangements based on their facts and circumstances through application review and ongoing supervision. The rule takes effect January 18, 2027. The OCC said it will announce separately when it starts accepting and processing applications.

Why it matters

  • Stablecoin rewards arrangements will not receive a blanket safe harbor from the final rule.
  • Issuers’ applications and subsequent supervision will be key points for OCC review.