OCC leaves stablecoin rewards to case-by-case review

The U.S. Office of the Comptroller of the Currency finalized a stablecoin rule on Oct. 21 that leaves some crypto rewards open to case-by-case review. The decision matters to customers who receive rewards through exchanges, but it does not give every existing program automatic approval. The OCC’s announcement says the rule implements the GENIUS Act, the federal law setting rules for payment stablecoins—crypto tokens designed to keep a steady value, often near $1.

Which stablecoin rewards does the rule allow?

The rule keeps the ban on issuers paying interest or yield solely because someone holds, uses or keeps a payment stablecoin. It leaves other arrangements for the OCC to assess based on their details. That means an exchange reward is not automatically allowed just because the exchange, rather than the issuer, pays it.

The OCC will apply the law to “the facts and circumstances of any particular arrangement,” according to the rule, as reported by CoinDesk’s account of the final rule. The agency did not provide a list of approved reward programs or examples of arrangements that pass review.

Are existing reward programs grandfathered in?

No. The OCC declined to give programs that began before the law special treatment. Companies will have to show how each arrangement fits the law; the fact that a program already exists does not establish that it complies. The final rule also drops a proposed “rebuttable presumption,” which would have treated certain arrangements as likely violations unless companies showed otherwise.

The change leaves room for rewards tied to activities beyond simply holding a token, while retaining the law’s restriction on issuer payments linked only to holding, using or keeping it. The line will depend on how each program works.

When does the rule take effect?

The OCC says the final rule and the GENIUS Act take effect on Jan. 18, 2027. The rule covers stablecoin issuers under the OCC’s jurisdiction and certain custody activities by entities it supervises. Other agencies are handling separate parts of the law, so this OCC rule does not settle every federal requirement for stablecoin companies.

For customers, rewards may continue under some arrangements, but the rule leaves the compliance question open until the OCC reviews the details. It does not promise that a particular exchange’s offer will remain available.

References

• OCC’s announcement — occ.gov
• CoinDesk’s account of the final rule — coindesk.com