Overview
- The proposal would bar issuance by anyone other than a permitted payment stablecoin issuer, extending OCC approval and supervision to banks, qualifying nonbanks, and certain foreign issuers.
- A new 12 CFR Part 15 outlines standards for issuance, reserves, redemption at par within two business days, risk management, audits, reporting, and examinations.
- The draft sets a minimum $5 million capital floor for new issuers and requires tailored liquidity and operational safeguards, including cybersecurity and third‑party risk controls.
- To enforce the statutory ban on yield, the OCC proposes a rebuttable presumption against funneling interest to holders through affiliates or related third parties.
- In parallel and next steps, the OCC finalized a rule on national trust banks’ nonfiduciary activities, the FDIC plans a follow‑up proposal, the Federal Reserve is expected to issue related rules, and Treasury will tackle BSA/AML and sanctions later.