OCC sets waiver route for existing stablecoin issuers before 2027 deadline
The Office of the Comptroller of the Currency has set out a waiver route for existing US payment stablecoin issuers awaiting its approval, warning that an application alone will not authorise continued issuance once the GENIUS Act takes effect on Jan. 18, 2027.
Under the guidance, published on Oct. 21 alongside the final GENIUS Act framework, the OCC said it 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 finds more compelling reasons to do so. Substantial completeness means providing enough information for the agency to decide whether the applicant meets the relevant approval criteria.
Eligible groups include subsidiaries whose insured depository institution parents have applied for them, and issuers applying for federal qualified payment stablecoin issuer status. Relief can run for no more than 12 months from Jan. 18, 2027, though the OCC said it expects individual waivers to last only as long as necessary to address the applicant's justification, so issuers cannot assume a full year.
The OCC said its application intake remained closed as of Oct. 21, pending final Office of Management and Budget approval of the information collection tied to the application forms, and that it will announce acceptance in a press release and update its application page. Once intake opens, covered applicants are expected to request waivers as soon as practicable, with the agency saying it will assess requests on their merits and generally act by Jan. 18.
The guidance centres on current US operations. The OCC said it generally expects prospective issuers to begin operating in the US after approval, and has identified no generally applicable compelling grounds for waivers for issuers not already operating or issuing there. It added that covered applicants can seek relief from additional provisions they cannot satisfy by the effective date, but that it has found no compelling reasons applying generally to such requests. The agency also cautioned that even a timely application could leave an existing issuer in violation of the prior approval requirement if it continues issuing without a granted waiver.
