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Banks Push Back on OCC's Weekly Stablecoin Reporting Plan
Bank groups support stablecoin-specific reporting but seek changes to weekly data requirements, including Treasury CUSIP details and tokenized asset classification. The OCC faces decisions on coordination with FDIC and timing.
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The Office of the Comptroller of the Currency received comment letters Tuesday from bank groups that support stablecoin-specific reporting but want changes to several granular data requirements proposed for weekly and quarterly filings.
The OCC proposed confidential weekly reports and quarterly financial condition reports for permitted payment stablecoin issuers. Weekly schedules would cover issuance and redemption activity, exchanges, trading volume, large wallet holders and counterparties, along with detailed information about the assets backing each stablecoin. The agency closed its initial comment period Aug. 11.
For Treasury securities, issuers could be required to report individual CUSIP numbers, fair value, remaining maturity, coupon and effective interest rates, custodians, and information about Treasuries encumbered by repurchase agreements. Other schedules cover cash, reverse repos, money market funds and additional reserve instruments.
The Bank Policy Institute and American Bar Association, in a joint letter, described individual Treasury CUSIP reporting as a “substantial burden.” They suggested the OCC instead collect aggregated Treasury information. The groups also questioned a proposed requirement to identify the portion of reserve assets held in tokenized form. They argued for a technology-neutral approach, saying that a tokenized Treasury and a non-tokenized Treasury represent the same claim on the U.S. government for reserve purposes. If the OCC retains that requirement, they recommended allowing issuers to report tokenized holdings within percentage ranges and clarifying what qualifies as a tokenized reserve asset.
The OCC also proposed collecting information that would give supervisors a regular view of activity surrounding the stablecoin itself. Schedule A would include large holders identified by wallet address, exchanges facilitating trading, trading volume and major counterparties. Schedule B would cover issuance and redemption as well as secondary market price and trading information. That data could help the OCC monitor primary and secondary markets, including during periods of stress.
The frequency of that reporting was one concern raised by the banking groups. They sought additional time for issuers to prepare and validate weekly reports. They recommended reducing duplication by automatically populating common data fields where possible and aligning stablecoin reporting terminology with Call Report instructions.