The Office of the Comptroller of the Currency finalized its GENIUS Act rules on October 21, changing how covered stablecoin issuers’ yield arrangements and redemption delays will be assessed. The rules take effect on January 18, 2027.
The March proposal would have presumed that certain payments routed through affiliates or related third parties violated the issuer yield ban, unless rebutted. It also would have automatically extended redemptions to seven calendar days when requests crossed its stress threshold.
The final rule removes that presumption but still bars issuers from paying interest or yield solely for holding, using or retaining stablecoins. The OCC will assess arrangements through applications and supervision and act against violations or evasion.
The two-business-day redemption ceiling also remains. Requests exceeding 10% of any stablecoin brand’s outstanding issuance value within 24 hours require notice to the OCC within 24 hours. Issuers may request an extension, which the OCC can approve or deny. An extension is no longer automatic.
The clock starts once an order is received and applicable onboarding and legal conditions are met. Onboarding must not be unduly delayed. Completion means fully processing and initiating outgoing payment or, on request, crediting the customer’s account with the issuer, rather than final receipt.
The framework covers issuers within OCC jurisdiction, including certain bank subsidiaries, federal nonbank issuers and foreign issuers. The agency will separately announce when it starts accepting applications and waiver requests. Anti-money-laundering and sanctions requirements are being handled in separate rulemaking. Finalizing this regulatory framework does not itself approve an individual issuer or mean that the application window has already opened.