OCC Finalizes GENIUS Act Rules, Preserving Third-Party Stablecoin Yield Exemptions

• The Office of the Comptroller of the Currency has issued its final regulations implementing the GENIUS Act, maintaining an exemption that permits third-party platforms to offer yields on stablecoins.

Previous attempts by various U.S. factions to obstruct the now-defunct Digital Asset Market CLARITY Act appear to have had unintended consequences. On Wednesday, the Office of the Comptroller of the Currency (OCC) released its final rules enforcing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which President Donald Trump signed into law in July.

A central point of contention surrounding the regulations involves the treatment of stablecoin yields.

OCC Position on Stablecoin Yields

The OCC maintains a strict prohibition against stablecoin issuers paying interest or yields directly to holders. However, the agency has elected not to extend this restriction to crypto exchanges and other third-party entities offering such incentives.

Banks and affiliated trade groups lobbied aggressively to eliminate this exemption during negotiations preceding the CLARITY Act’s Senate markup. They argued that permitting third-party yields would trigger a significant outflow of deposits, jeopardizing community bank operations and increasing borrowing costs for consumers. These institutions sustained their opposition until the CLARITY Act failed a procedural cloture vote.

Absent explicit statutory authority to close the gap, issuers such as Tether and Circle remain free to collaborate with platforms—including Coinbase, PayPal, Kraken, and Robinhood—to provide yield opportunities to users. Notably, the OCC has not granted explicit safe harbor for this practice either.

An unnamed OCC official informed Crypto in America that the agency intends to monitor market developments before addressing emerging risks or challenges.

Comptroller’s Official Remarks

Comptroller Jonathan Gould characterized the rulemaking as the cornerstone of a regulated stablecoin industry, set to take effect on January 18, 2027. He asserted that the framework aligns with President Trump’s and Treasury Secretary Scott Bessent’s objective of establishing the United States as a global digital asset center.

“At the US OCC, we have worked diligently and expeditiously to deliver the GENIUS Act final rule ahead of schedule to support President Trump’s vision and Secretary Scott Bessent’s leadership to grow the economy and lead the global digital currency revolution,” Gould stated. “Today marks the birth of a new industry having a federal framework for payment stablecoins in the digital age.”

Gould further framed the milestone as a defining moment for the OCC, drawing a historical parallel to the agency’s 19th-century mandate to establish a system of nationally chartered banks and a uniform currency.

“It also brings us back to our original mission when the OCC was charged with the responsibility for organizing and administering a system of nationally chartered banks and a uniform national currency,” the Comptroller added.

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