OCC Issues First GENIUS Act NPRM on Federal Stablecoin Standards, March 2026

The Office of the Comptroller of the Currency (OCC) published a Notice of Proposed Rulemaking (NPRM) on March 2, 2026, proposing implementing regulations under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Public Law No. 119-27, enacted July 18, 2025. The NPRM is at the proposed stage and the comment period closes May 1, 2026. This is the first federal prudential rulemaking issued by any federal regulator under the GENIUS Act.

The proposed rule would establish 12 CFR Part 15 as the primary regulatory home for payment stablecoin issuers subject to OCC jurisdiction, and would amend 12 CFR Parts 3, 6, 8, and 19. The GENIUS Act (12 U.S.C. 5901 et seq.) mandates that issuers maintain fully backed reserves composed exclusively of high-quality liquid assets: cash, Federal Reserve balances, short-dated U.S. Treasury obligations, and government money-market funds. The statute prohibits issuers from paying any form of interest or yield to stablecoin holders. Foreign payment stablecoin issuers operating in the United States must register with the OCC, and become subject to OCC examination authority, supervisory assessments, and fee obligations under the proposed rule.

Payment stablecoin issuers, custodians, distributors, and wallet providers operating or intending to operate in the United States must assess how the proposed licensing requirements, capital adequacy standards, prompt corrective action triggers, and operational resilience expectations in 12 CFR Part 15 will affect their existing structures. Entities that issue, transfer, or provide custody for payment stablecoins fall within scope. The proposed rule sets the first federal prudential baseline for this sector and is expected to define the structure for subsequent rulemakings by the Federal Reserve and the FDIC under the GENIUS Act's interagency mandate.

The NPRM poses over 200 specific questions for public comment, covering reserve composition, capital treatment, issuer licensing pathways, operational resilience, and supervisory expectations. Comments must be submitted through Regulations.gov, referencing Docket ID OCC-2025-0372, by May 1, 2026. The OCC notes that additional interagency rulemakings are required before the full prudential regime takes effect. International stablecoin issuers seeking U.S. market access should evaluate the comment period as an opportunity to shape the final rule's treatment of foreign-issuer registration and examination scope.

Source: OCC and Department of the Treasury, "Implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act for the Issuance of Stablecoins by Entities Subject to the Jurisdiction of the OCC," 91 FR 10202, Docket ID OCC-2025-0372, RIN 1557-AF41, March 2, 2026. https://www.federalregister.gov/documents/2026/03/02/2026-04089/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the. GENIUS Act: S.1582, 119th Congress, Public Law No. 119-27, July 18, 2025, 12 U.S.C. 5901 et seq. https://www.congress.gov/bill/119th-congress/senate-bill/1582. Confirmed March 12, 2026.

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