US stablecoin rule advance as banks and crypto split over OCC's decision

Three American banking advocacy groups criticized the final stablecoin rule that were unveiled by the Office of the Comptroller of the Currency (OCC) on October 21, 2026. They raised their concerns about how the use of third-party rewards may lead to people withdrawing money from banks and it will negatively impact lending. Cryto advocates welcomed the changes saying that this is in accordance with the original intentions of Congress. Three banking groups challenge the OCC American Bankers Association (ABA) CEO Rob Nichols has made accusations against the regulator for allowing crypto companies to provide rewards in spite of the intentions of Congress to protect the lending industry. He stated that the harm may already be done before deposit outflows become apparent as was reported by The Block.

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