OCC Final Rule Leaves Stablecoin Rewards to Case-by-Case Review

The Office of the Comptroller of the Currency (OCC) finalized rules that leave some stablecoin reward arrangements open to case-by-case review, preserving options for crypto platforms while keeping the GENIUS Act’s yield ban in force.

Issued Wednesday, the rule removes a proposed presumption against certain arrangements between permitted payment stablecoin issuers and crypto platforms. The OCC will assess each arrangement on its facts and did not specify which programs are allowed or prohibited.

The GENIUS Act bars permitted issuers from paying holders interest or yield in cash, tokens or other value solely for holding, using or retaining a stablecoin. Payments made through an issuer’s agent can also fall under the ban.

The OCC retained authority to act against arrangements that seek to evade the restriction. Programs that existed before the law was enacted receive no special treatment and will be reviewed under the same standard as newer programs.

The American Bankers Association argued that removing the proposed safeguard could let issuers provide economically equivalent yield through intermediaries, putting funds banks use for lending at risk.

The rule takes effect Jan. 18, 2027.