The OCC targets November to finalize stablecoin rules under the GENIUS Act, after missing the July statutory deadline. Comptroller Gould says 40 charter applications processed.
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The Office of the Comptroller of the Currency has set November as its target to finish the primary regulatory framework for stablecoins under the GENIUS Act, Comptroller Jonathan Gould said Monday at Wyoming’s SALT conference.
“We are very intent on moving quickly and getting a final rule out by November so that we will be able to start processing applications within the new year,” Gould said.
President Donald Trump signed the GENIUS Act into law in July 2025, creating the first federal regulatory structure for payment stablecoins. The law required federal agencies to publish implementing rules within 12 months. That July 18, 2026 deadline passed without final rules from the OCC, the Federal Deposit Insurance Corporation, the Federal Reserve, or the National Credit Union Administration.
Ten proposed regulatory measures remained incomplete when the statutory deadline expired. The agencies have not publicly committed to a coordinated timeline for finishing the outstanding provisions.
Under the GENIUS Act, the regulatory framework becomes effective on January 18, 2027, or 120 days after the publication of final rules by primary regulators – whichever comes first.
The OCC’s initial proposal runs 376 pages and covers the full lifecycle of payment stablecoins: issuance procedures, reserve requirements, redemption protocols, custody standards, supervisory oversight, and wind-down rules for issuers.
Stablecoin issuers would need to hold qualified reserve assets and guarantee redemption at par value. The proposal sets standards for liquidity management, independent audits, risk mitigation, and regulatory examinations.
The draft framework outlines application procedures for nonbank entities seeking federal qualified payment stablecoin issuer designation. Other sections address bank-affiliated subsidiaries, state-chartered issuers, and international firms that want to serve U.S. consumers.
Gould said the OCC’s digital asset-related chartering activity has increased eightfold compared with the previous administration under President Biden. The agency has processed 40 applications for new bank charters over the last 18 months. According to its publicly accessible licensing database, 13 digital asset-related applications are now under review, including submissions from Payward, Revolut, and EDX Trust.
Several cryptocurrency firms have secured conditional approvals for national trust bank charters since December 2025, including Circle, Ripple, Paxos, and BitGo.
On August 14, the OCC granted conditional approval to World Liberty Financial for establishing World Liberty Trust Company, which plans to issue and administer the USD1 stablecoin.
Gould said the agency is focused on implementing enacted legislation, calling the GENIUS Act its immediate priority ahead of the more comprehensive but legislatively stalled Clarity Act.
The Treasury Department released its own related proposal on August 17, setting criteria for when stablecoins qualify as being issued or sold within U.S. jurisdiction.
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