Overview
- Issued as a 376-page notice of proposed rulemaking, the draft sets a 60-day period for public input on how payment stablecoins are issued, supervised, and wound down.
- Issuers would need one‑to‑one reserves in highly liquid assets and must redeem at par within two business days, with a temporary extension of up to seven days if redemptions exceed 10% in 24 hours.
- The plan enforces the statutory ban on issuer‑paid yield and creates a rebuttable presumption against indirect or affiliate rewards, while allowing independent merchant discounts and non‑affiliate profit‑sharing that do not pay holders.
- OCC oversight would cover subsidiaries of national banks and federal savings associations, federally and some state qualified issuers, and certain foreign issuers, with proposed limits on multi‑brand or white‑label models reported by industry outlets.
- Prudential standards include capital, liquidity, audits, custody, and a de novo capital framework with a proposed $5 million minimum for new issuers; BSA/AML and sanctions rules will follow in separate Treasury‑led action, with implementation targeted no later than January 2027 or potentially sooner after finalization.