OCC publishes final stablecoin rule as banking groups criticize changes to rewards arrangements

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OCC published its final stablecoin rule on October 21, changing rewards arrangements offered by exchanges and other intermediaries from being presumed unlawful in principle to being assessed on a case-by-case basis, while retaining the authority to crack down on attempts to evade the ban. U.S. banking groups worry that rewards mechanisms will drive deposits out of banks and weaken lending, while Blockchain Association welcomed the adjustment; the rule will take effect on January 18, 2027.