US Stablecoin Rules Are Final, but Licensing Window Isn’t Open

The OCC’s final GENIUS Act rules take effect on January 18, 2027, but applications are not yet being accepted. Existing issuers with substantially complete applications may qualify for temporary waivers while awaiting approval. The framework covers reserves, redemptions, custody and supervision, with separate AML and sanctions rules still pending. The Office of the Comptroller of the Currency’s new stablecoin rules take effect on January 18, 2027, but the agency has yet to open the application window for companies seeking federal authorization. That creates a licensing problem for existing issuers.