OCC's final rule to start fresh in weighing stablecoin rewards against GENIUS Act ban - CoinDesk

The Office of the Comptroller of the Currency has issued a final rule that resets how it will assess stablecoin reward programs in light of the GENIUS Act's restrictions on interest-bearing stablecoins. Rather than carrying forward prior interpretive positions, the agency is starting from a clean slate, meaning the framework governing how rewards are evaluated will be reconsidered afresh.

The market relevance lies in the distinction between a stablecoin's core design and the incentives layered on top. The GENIUS Act bars stablecoin issuers from offering yield that functions like interest, but reward mechanisms—such as promotional incentives tied to holding or using a token—can blur that line. How the OCC draws it will shape what compliant stablecoin products can look like in the U.S.

What to watch: the specific criteria the OCC sets for distinguishing permissible rewards from prohibited yield, and whether future guidance narrows or widens that boundary. For now, the reset signals regulatory flexibility rather than a fixed answer, leaving room for interpretation as the market develops.