OCC's final stablecoin rule lands after Congress stalls on yield

The Office of the Comptroller of the Currency published its final stablecoin rule under the GENIUS Act on Wednesday, becoming the first federal regulator to implement such regulations. The rule takes effect January 18, 2027, the same day the GENIUS Act takes effect; the law was enacted July 18, 2025, and bars permitted stablecoin issuers from paying interest or yield directly. It drops a February proposal's presumption that certain third-party reward deals were banned yield and will instead review them case by case, while the OCC can still act against perceived loopholes. Banking groups warn reward-paying stablecoins could pull deposits from community banks, citing a Treasury advisory committee estimate of up to $6.6 trillion.