Existing US issuers awaiting OCC approval need discretionary relief to keep issuing from Jan. 18, 2027.
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, warning that an application alone will not authorize continued issuance after the GENIUS Act takes effect on Jan. 18, 2027.
Under the new waiver guidance, the OCC generally expects to grant requests to waive prior approval for existing issuers operating in the US that submit substantially complete applications before the effective date. It can still deny a request if its review identifies more compelling reasons to do so.
As of Oct. 21, the OCC’s application page said intake remained closed pending final Office of Management and Budget approval of the information collection associated with the application forms. The agency will announce acceptance in a press release and update the page.
The guidance accompanies the final GENIUS Act framework announced the same day. The final rule also takes effect Jan. 18, 2027.
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. Substantial completeness means providing enough information for the agency to decide whether the applicant meets the relevant approval criteria.
The eligible groups include subsidiaries whose insured depository institution parents have applied for them, and issuers applying for federal qualified payment stablecoin issuer status.
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