OCC’s Final Stablecoin Rule Backs Off Yield Test, Scraps Automatic Redemption Extension

The Office of the Comptroller of the Currency (OCC) will not presume that stablecoin issuers break the GENIUS Act’s yield ban when affiliates or related third parties pass payments on to holders. The agency removed that test from its final rule implementing the 2025 stablecoin law, which it announced on Wednesday. The rule applies to stablecoin issuers the OCC licenses and foreign issuers within its reach, as well as certain custody services offered by OCC-supervised entities, which include national banks, federal savings associations and federal branches. It takes effect on January 18, 2027 , the same day as the GENIUS Act itself. Rules tied to the Bank Secrecy Act, anti-money laundering and sanctions are not included and will come in a separate rulemaking with the Treasury Department.

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