OCC Seeks Comments on Stablecoin Licensing Apps Under GENIUS Act
Published Date: 7/27/2026
Notice
Summary
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is proposing a new information collection to comply with the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act or the Act) requirement for entities seeking to issue payment stablecoins in the United States. The OCC is seeking a new OMB control number for this information collection.
Analyzed Economic Effects
5 provisions identified: 0 benefits, 5 costs, 0 mixed.
Must Be Licensed to Issue Stablecoins
If your firm wants to issue payment stablecoins in the United States, the GENIUS Act generally prohibits anyone who is not a permitted payment stablecoin issuer (PPSI) from doing so. To operate, domestic issuers must seek OCC approval to become a PPSI under the Act (effective January 18, 2026) and follow the OCC's application process described in the proposed rule issued March 2, 2026.
Detailed Application Materials Required
Applications to become a PPSI must include an overview, a detailed business plan, reserve and redemption policies, a risk management program, and a certification that filings contain no material misrepresentations. Each director, executive officer, and principal shareholder must also submit the Interagency Biographical and Financial Report specified by the OCC.
Estimated Filing Burden: 50 Respondents, 6,250 Hours
The OCC estimates this information collection will involve 50 respondents, 50 total annual responses, and an estimated total annual burden of 6,250 hours. The OCC is seeking OMB control number 1557-NEW for this collection.
Foreign Issuers Must Register; Extra Criteria
Foreign payment stablecoin issuers are prohibited from offering stablecoins in the United States unless they register with the OCC and meet factors including a Treasury determination of a comparable foreign supervisory regime, adequate U.S. operational resources, information-sharing commitments, consent to U.S. jurisdiction, and assessments of financial stability and illicit finance risks.
Eligibility Checks on Officers and Shareholders
The OCC will evaluate applicants based on officers' and directors' criminal history for specified felonies (insider trading, embezzlement, cybercrime, money laundering, financing of terrorism, or financial fraud), competence, experience, integrity, and compliance records, and whether redemption policies meet proposed standards.
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