- The OCC finalized its rules for the GENIUS Act stablecoin law, which takes effect in January.
- The regulator is encouraging community banks to consider becoming payment stablecoin issuers.
- Community banks may also apply through a subsidiary to become a permitted payment stablecoin issuer.
The Office of the Comptroller of the Currency announced Monday on X that it is encouraging community banks to enter the payment stablecoin market. The announcement followed the banking regulator finalizing its rules for the GENIUS Act, a stablecoin law set to be enforced in January.
In a Monday post on X, the OCC said it was “encouraging the development of payment stablecoin capabilities within the community banking sector,” citing its finalized rules. The regulator finalized those rules for the bill last week.
“Interested community banks are encouraged to consider applying to become, or for a subsidiary to become, a permitted payment stablecoin issuer, as applicable,” the US banking regulator said.
Meanwhile, the GENIUS Act is scheduled to be enforced starting in January, giving community banks a defined timeline. Consequently, interested institutions can now evaluate the finalized framework as they determine whether to pursue a payment stablecoin issuance role.
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