OCC Final Rule Drops Proposed Presumption Against Stablecoin Rewards

The Office of the Comptroller of the Currency (OCC) finalized its GENIUS Act rule Oct. 21, dropping a proposed presumption of illegality for third-party stablecoin rewards, a change opposed by the American Bankers Association (ABA).

Under the proposal, arrangements between stablecoin issuers and outside reward platforms would have been presumed unlawful. The final rule removes that presumption and leaves the OCC to review such programs individually under its prudential oversight. Third-party rewards are therefore not automatically barred, though each arrangement remains subject to case-by-case review.

Direct interest payments by stablecoin issuers to holders remain prohibited. The distinction keeps issuer-paid interest barred while third-party platform programs receive individual review.

The ABA argued the change preserves the current position of crypto platforms. It warned that waiting until bank deposits leave and economic harm appears before addressing the risk would be a mistake. The dispute centers on whether rewards routed through third-party platforms should face an automatic presumption or individual review.

The rule takes effect Jan. 18, 2027.