Overview
- The Office of the Comptroller of the Currency finalized its rule on Wednesday, Oct. 21, 2026, becoming the first federal banking regulator to issue a completed GENIUS Act implementing regulation.
- The final rule removes the February rebuttable‑presumption test for indirect yield and directs examiners to assess reward and affiliate arrangements case by case during applications and ongoing supervision.
- Issuers must keep one‑to‑one liquid reserves, hold a minimum of $5 million in capital with higher amounts where risk warrants, and maintain a 12‑month operational backstop to cover total expenses.
- The rule gives no automatic exemption to existing exchange reward programs, meaning platforms that advertise high stablecoin returns may need agency sign‑off or change terms if supervision finds issuer funding traces to the programs.
- Treasury, the Federal Reserve and the FDIC are still finalizing complementary GENIUS Act rules, public comment letters from the Blockchain Association and the National Cryptocurrency Association pressed for narrower definitions and holder protections, and OMB clearance is required before issuer applications can open which keeps the implementation timeline active.