OCC waiver rule puts active stablecoin issuers on notice
Existing US stablecoin issuers awaiting OCC approval need a granted waiver to continue issuing from Jan. 18, 2027, when the GENIUS Act takes effect.
The Office of the Comptroller of the Currency (OCC) outlined a waiver route on Oct. 21 for existing US payment stablecoin issuers awaiting its approval. As of Oct. 21, the OCC had not opened application or waiver intake, which awaits final Office of Management and Budget approval.
Waiver conditions
Under section 15.30(g), eligible applicants must request a waiver in writing and have a substantially complete application pending with the OCC on or before Jan. 18. The eligible groups include subsidiaries whose insured depository institution parents have applied for them, and issuers applying for federal qualified payment stablecoin issuer status.
Relief can run for no more than 12 months beginning Jan. 18, 2027. The agency expects individual waivers to last only as long as necessary to address the applicant's justification.
Application status
Even a timely application could leave an existing issuer in violation of the prior approval requirement if it continues issuing without a granted waiver.
The OCC's application page said intake remained closed pending final approval of the information collection associated with the application forms. The agency will announce acceptance in a press release and update the page.
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