OCC leaves some stablecoin rewards open for crypto platforms

The Office of the Comptroller of the Currency (OCC) has finalized rules that bar stablecoin issuers from paying interest directly to holders, while leaving some rewards paid through other companies open to review. That leaves crypto platforms room to offer rewards, though the OCC will assess each arrangement on its facts. The [OCC’s announcement](https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-92.html) says the rule implements the GENIUS Act, the 2025 law that set a federal framework for payment stablecoins.

Can exchanges still offer stablecoin rewards?

They may, depending on how the rewards are structured. The OCC will review payments through an intermediary case by case, according to [Associated Press reporting](https://apnews.com/article/stablecoins-circle-usdc-banks-interest-cryptocurrencies-db6b787c7c2a5fe434ce84b23413d966). The rule does not treat every payment to a stablecoin holder as interest: a payment may be made partly for reasons beyond simply holding, using or keeping the coin.

That distinction matters for exchanges such as Coinbase and Robinhood, which hold and trade stablecoins. Issuers such as Circle remain barred from paying interest directly to people who hold their coins. Stablecoins are crypto tokens designed to keep a steady value, often one U.S. dollar. Their backing can include bank deposits and U.S. Treasury securities, which earn interest.

When do the rules take effect?

The final rule takes effect on January 18, 2027, the OCC said. It sets requirements for stablecoin issuers under the agency’s authority, including standards for reserves, redemptions, risk management and supervision. The rule also covers some custody activities by firms supervised by the OCC.

The agency said it received hundreds of comments on its proposal from crypto companies, community bankers, trade groups and academics. It will handle anti-money laundering, sanctions and Bank Secrecy Act rules in a separate rulemaking with the Treasury Department.

Why are banks concerned about rewards?

Banking groups argue that crypto rewards could draw money away from bank deposits, reducing funds available for lending. The AP reported that Coinbase offers up to 3.5% on USDC balances, compared with a 0.38% average savings account yield cited from the Federal Deposit Insurance Corp.

The rule leaves the door open to some third-party reward programs, but does not guarantee that any particular program will pass review. The OCC said it will monitor the industry and adjust its framework if needed.