GENIUS Act Brings Stablecoin Issuers A New Federal Application
Published Date: 10/23/2026
Notice
Summary
The Treasury’s Office of the Comptroller of the Currency (OCC) is rolling out a new application process for companies that want to issue payment stablecoins under the GENIUS Act. This means businesses dealing with stablecoins will need to apply for a license or registration, helping keep things safe and clear. Comments on this new process are open until November 23, 2026, and there’s no immediate cost but a new paperwork step is coming.
Analyzed Economic Effects
5 provisions identified: 0 benefits, 5 costs, 0 mixed.
Stablecoin Issuers Must Get OCC Approval
If your business wants to issue payment stablecoins in the United States, you must be a permitted payment stablecoin issuer (PPSI) approved by the OCC. The GENIUS Act was enacted July 18, 2025 and is effective January 18, 2026. A foreign payment stablecoin issuer may not offer, sell, or make available a payment stablecoin in the United States unless it is registered with the OCC.
Applications Require Detailed Plans and Certifications
Your OCC application must include an overview, a detailed business plan, reserve and redemption policies, a risk-management policy and program, and a certification that filings contain no material misrepresentations or omissions. Each director, executive officer, and principal shareholder must also submit the Interagency Biographical and Financial Report (covered by OMB Control No. 1557-0014).
Paperwork Burden Estimated: 40 Respondents, 4,915 Hours
The OCC estimates this information collection will have 40 respondents and 40 total annual responses, with a combined annual burden of 4,915 hours for the collection under OMB Control No. 1557-NEW. Comments on the proposed collection must be received by November 23, 2026.
OCC Will Screen Applicants on Safety and Conduct
The OCC will evaluate applications based on factors including the applicant's financial condition and resources; whether any officer or director has been convicted of specified felonies (insider trading, embezzlement, cybercrime, money laundering, financing of terrorism, or financial fraud); competence, experience, and integrity of key personnel; the applicant's redemption policy meeting 12 CFR 15.12 standards; and the ability to conduct activities in a safe and sound manner, including addressing run risks and ensuring redeemability.
Foreign Issuers Face Specific Registration Conditions
Foreign payment stablecoin issuers seeking to register with the OCC must show, among other things, a Secretary of the Treasury determination that their home supervisory regime is comparable under section 18 of the GENIUS Act, demonstrate the financial and managerial resources of their U.S. operations, provide information to the OCC to determine compliance, consent to U.S. jurisdiction for enforcement, and not present risks to U.S. financial stability or illicit finance.
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