OCC Finalizes Stablecoin Framework as January Compliance Date Approaches
By PYMNTS
AI summary of the source article
The Office of the Comptroller of the Currency has finalized a regulatory framework for stablecoin issuers ahead of a January deadline. Issued on October 21, the rule translates the GENIUS Act into standards for reserves, redemption, custody, and risk management.
Key facts
- The OCC finalized rules establishing standards for stablecoin reserves, redemption, custody, and risk management.
- The rule was issued on Wednesday (Oct. 21) ahead of a January compliance deadline.
- The framework translates the GENIUS Act's requirements for bank subsidiaries and federally approved nonbank issuers.
Source excerpt · PYMNTS
The Office of the Comptroller of the Currency (OCC) has finalized rules governing stablecoin issuers under its jurisdiction, establishing standards for reserves, redemption, custody and risk management ahead of a January deadline. The rule, issued Wednesday (Oct. 21), translates the GENIUS Act’s requirements into a supervisory framework for bank subsidiaries, federally approved nonbank issuers and…