OCC Proposes Regulatory Framework for Payment Stablecoins Under the GENIUS Act

TLDR:

• • The OCC proposed a regulatory framework for payment stablecoin issuers under the GENIUS Act with a 60-day comment window.
  • BSA, AML, and OFAC sanctions rules are excluded from this proposal and will be addressed in a separate Treasury rulemaking.
  • Stablecoin transfer volume topped $10 trillion in January 2026, the highest recorded level since April 2022 on-chain activity.
  • Over 200 stablecoins across 37 chains now carry a combined market cap exceeding $320 billion, per Dune Analytics data.

Payment stablecoins are now at the center of a major U.S. regulatory push. The Office of the Comptroller of the Currency (OCC) has issued a proposed rulemaking under the GENIUS Act.

The proposal covers regulations for permitted stablecoin issuers within the OCC jurisdiction. It also addresses foreign issuers and custody activities by OCC-supervised entities.

Public comments are open for 60 days after Federal Register publication.

OCC Sets the Scope of Its Proposed Rule

The proposed rule addresses most regulations the OCC must issue under the GENIUS Act. However, it does not cover Bank Secrecy Act or Anti-Money Laundering requirements.

Those areas will be handled in a separate rulemaking with the Department of the Treasury. The OCC confirmed it will coordinate with all relevant agencies throughout the process.

Comptroller Jonathan V. Gould spoke directly about the agency’s approach to the proposal. He stated, “The OCC has given thoughtful consideration to a proposed regulatory framework in which the stablecoin industry can flourish in a safe and sound manner.”

He further added, “We welcome feedback on the proposal to inform a final rule that is effective, practical and reflects broad industry perspective.” Gould also noted the OCC will keep working to provide regulated entities with more ways to serve customers and communities.

The proposed rule applies to both domestic and foreign payment stablecoin issuers equally. It also reaches custody activities conducted by OCC-supervised entities.

This broad coverage shows a clear intent to regulate a wide range of market participants. The OCC wants regulated entities to have more ways to serve their customers and communities.

The agency will continue working to fully implement the GENIUS Act going forward. It will also maintain close coordination with other federal agencies involved in the effort.

The public comment period offers stakeholders a formal channel to share concerns. Those responses will directly inform the structure of the final rule.

Stablecoin Market Growth Adds Urgency to New Rules

The stablecoin market has seen strong growth leading into this regulatory moment. Data from Dune Analytics tracks over 200 stablecoins across 37 different blockchain networks.

Total market capitalization has now exceeded $320 billion. That figure reflects how deeply stablecoins have embedded themselves in digital finance.

In January 2026, stablecoin transfer volume surpassed $10 trillion for the month. That marks the highest transfer activity recorded since April 2022.

Around 56% of that volume came from decentralized exchange liquidity pools. This shows the scale of on-chain stablecoin usage well beyond centralized platforms.

Centralized exchanges hold approximately $80 billion in stablecoins currently. That places them as the largest category among labeled on-chain addresses.

The data points to growing reliance on stablecoins across both retail and institutional segments. It also shows why a clear and workable framework has become a pressing need.

The proposed rule arrives as stablecoin adoption reaches a measurable high point. Market participants now have 60 days to formally submit their comments to the OCC.

Those responses will shape the final regulatory direction for payment stablecoins. The industry and regulators alike are now moving in the same direction.

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