OCC Denies Automatic Compliance for Existing Stablecoin Rewards Programs

The Office of the Comptroller of the Currency (OCC) will not automatically treat stablecoin rewards programs that predate the GENIUS Act as compliant, leaving each arrangement subject to individual review. The final rule, issued Wednesday, offers no exemption for older programs. Rewards established before the law will face the same standard as those created afterward. It is the first final GENIUS Act rule from a federal banking regulator. The law bars payment stablecoin issuers from paying holders interest or other yield solely because they hold, use or retain a token. Payments made through intermediaries may also be covered when they are made on an issuer’s behalf. A reward tied partly to another activity may fall outside the restriction, depending on the arrangement.

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