OCC finalizes GENIUS Act rules for stablecoin issuers and custody

The Office of the Comptroller of the Currency’s final rule covers payment stablecoin issuance and some custody activities, with the GENIUS Act framework taking effect in mid-January. The US Office of the Comptroller of the Currency finalized rules Wednesday for payment stablecoin reserves, redemptions and related custody activities, implementing the GENIUS Act for entities under its jurisdiction. The final rule states issuers must maintain reserves worth at least as much as their outstanding stablecoins and generally process redemption requests within two business days.