On February 25, 2026, the U.S. Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (NPRM) that would establish a federal framework for issuance and administration of payment stablecoins by permitted payment stablecoin issuers (PPSIs). The NPRM would implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) by, among other things, establishing approval requirements, permissible and prohibited activities, reserve standards, redemption obligations, capital and operational safeguards, and reporting expectations for permitted payment stablecoin issuers. PPSIs also would be integrated into the OCC’s broader prudential framework, including its capital, assessment, and enforcement authorities.
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