83 Days Out, Only the OCC Has Final Stablecoin Issuer Rules

The Office of the Comptroller of the Currency on 23 October 2026 published the first final rule by any of the federal regulators that will license and supervise stablecoin issuers under the GENIUS Act. The 195-page rule sets reserve, redemption, capital and reporting requirements for issuers under the OCC's jurisdiction and takes effect on 18 January 2027, the day the Act itself takes effect.

It is so far the only one. HaiPay counted 16 stablecoin rulemaking documents published in the Federal Register since the Act was signed on 18 July 2025. Two are final: the OCC's rule and a Treasury procedural rule for reviewing state regimes. Twelve proposals have not been finalised, including the issuance rules of the FDIC, the National Credit Union Administration and the Federal Reserve.

A fixed start date

The Act takes effect 18 months after enactment or 120 days after the regulators issue final rules, whichever is earlier. The OCC says its rule is the first such final rule, and 120 days after 23 October falls on 20 February 2027, so the start date is now 18 January, 83 days from 27 October. The Federal Reserve's 104-page proposal is still open for comment until 30 November, 49 days before that date.

What the OCC changed

The OCC received about 328 comments on its March proposal. The final rule keeps redemption within two business days, lowers the share of reserves that must sit in demand deposits or Federal Reserve balances from 10% in one proposed option to 5%, drops a proposed weekly-liquidity requirement and caps exposure to any one counterparty at 40%, with exceptions. Issuers must tell the OCC within 24 hours if redemption requests exceed 10% of a stablecoin's outstanding value in a day. The OCC's paperwork estimate assumes 39 respondents.

What this does not show

The count covers Federal Register documents only, not guidance, interpretive letters or state rules, and HaiPay's classification of which documents implement the Act is a judgment set out in the methodology. Other regulators could finalise rules before 18 January. HaiPay did not contact the agencies.

What to watch

Whether the FDIC, NCUA and Federal Reserve finalise their issuance rules before 18 January.

How many issuers file for OCC approval; the OCC's own estimate is about 40 applicants.

And whether other regulators follow the OCC's lower 5% demand-deposit floor.

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