OCC issues final GENIUS Act stablecoin rule, reviews third-party reward arrangements case by case

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OCC issued the final stablecoin rule under the GENIUS Act, stipulating that stablecoin issuers may not pay interest or yield directly to holders. The rule will take effect on January 18, 2027. The final rule removes the blanket presumption that certain third-party reward transactions constitute disguised yield, replacing it with case-by-case review, though OCC may still take action against arrangements that circumvent the prohibition. The rule is codified at 12 CFR 15 and covers reserve assets, redemptions, risk management, custody, audits, and supervision. Anti-money laundering rules will be developed in a separate subsequent rulemaking.