US stablecoin rule advance as banks and crypto split over OCC's decision

The American Bankers Association, Bank Policy Institute and Independent Community Bankers of America criticized the Office of the Comptroller of the Currency’s final stablecoin rule, unveiled Oct. 21, 2026, warning that third-party rewards could prompt deposit withdrawals and reduce lending; the ICBA estimated a potential $850 billion decline in community bank lending. The rule follows the GENIUS Act’s ban on stablecoin issuers directly paying interest, but drops a February proposal’s presumption that certain intermediary rewards were illegal unless justified, with regulators assessing cases individually and retaining authority against evasion. ABA CEO Rob Nichols, BPI executive Paige Pidano Paridon and ICBA CEO Rebeca Romero Rainey raised concerns, while the Blockchain Association welcomed the change. The rule takes effect Jan. 18, 2027.