OCC targets November for final stablecoin rules

Jonathan Gould, the US Comptroller of the Currency, told an audience in Jackson Hole that the OCC will publish its final stablecoin rulebook by November. The timeline means the agency could begin processing issuer applications within the new year, or early 2027.

Gould made the commitment during a fireside chat at the Wyoming Blockchain Symposium on August 19. He said the OCC is “very intent on moving quickly” and expects to have a final rule out by November once it finishes weighing industry feedback.

The GENIUS Act, signed by President Trump in July 2025, gave federal agencies until July 2026 to finalize their rules. That date came and went without a completed OCC rule. The new November target, if met, would still beat the law’s own effective date of January 18, 2027.

Gould paired the timeline with a striking number. The OCC has fielded 40 new bank charter applications since Trump took office roughly 18 months ago, he said. Twenty-three of those applications build in some form of digital asset activity. That is an eightfold jump from the four applications recorded during the Biden administration. Gould called the jump a sign of “where the puck is going.”

The surge in crypto-linked charter applications tracks a broader shift in traditional finance toward digital assets. Bank Leumi recently tapped Galaxy for Bitcoin, Ether and Solana trading, one example of how conventional banks are testing crypto services.

Other regulators are moving in step with the OCC. The FDIC and the NCUA have put out aligned proposals. The Treasury Department and FinCEN have addressed anti-money-laundering and sanctions duties for stablecoin issuers. On August 17, Treasury called for public comments on an NPRM implementing section 3 of the GENIUS Act as the law comes into force in tranches.

The OCC’s February proposal ran 376 pages. It staked out the agency’s authority over stablecoins and spelled out capital and liquidity demands tied to risk management. The draft posed more than 200 questions and closed its comment period on May 1. Reserve backing, compliance conduct, and bank-style capital standards are all on the table for chartered banks and non-bank applicants.

Gould also addressed the CLARITY Act, a separate piece of crypto legislation that appears stuck in Congress. “We don’t know if or when or what may be the end result of that process,” he said. “What we have is the GENIUS Act. That’s been law for over a year now, and we need to execute on that.”

The November deadline is not a statutory requirement. It is the OCC’s own target. Missing it would not break the law, but it would leave the stablecoin framework without a finalized rulebook when the act takes hold in January. Gould’s commitment suggests the agency is determined to avoid that outcome.

For stablecoin issuers and the banks that want to serve them, the November date is the next concrete marker. If the OCC delivers, applications could start flowing early next year. If it slips, the legal framework will govern without the regulator’s detailed guidance, leaving room for interpretation and, potentially, legal challenges.

Gould’s comments came as the Mastercard tests single-audit stablecoin compliance with Borderless.xyz, another sign that the infrastructure for compliant stablecoins is being built alongside the rules.