OCC keeps stablecoin rewards possible under new rule

The Office of the Comptroller of the Currency will let some crypto platforms keep offering rewards tied to stablecoins, while barring issuers from paying holders yield, according to the Associated Press report on the rule. The distinction matters if you hold stablecoins on an exchange: rewards may continue, but the rule does not make every program automatically permissible.

Who can pay rewards under the rule?

The OCC’s final rule leaves room for platforms that trade or hold stablecoins to pass earnings to customers, while the stablecoin issuer itself remains barred from paying interest or yield solely because someone holds, uses or retains its coin. That issuer restriction comes from the GENIUS Act, which Congress enacted on July 18, 2025.

The OCC’s final rule in the Federal Register does not create a blanket safe harbor for exchange rewards. Instead, the agency will assess arrangements against the law’s wording and the facts of each case. That leaves programs such as rewards on USDC balances subject to review rather than an automatic green light.

Why did the OCC drop its proposed presumption?

The OCC had proposed presuming that certain arrangements involving issuers, affiliates or related third parties violated the yield ban. After receiving about 328 comments on its proposal, the agency removed that presumption from the final rule.

The OCC said the presumption could sweep in permitted arrangements while missing prohibited ones. It will initially review reward arrangements through issuer applications and ongoing supervision. If it finds a violation or an attempt to evade the ban, it says it can take action and issue further guidance.

That approach leaves more uncertainty for crypto firms and their customers. The rule does not list which exchange rewards qualify, and the OCC declined to provide a general safe harbor. For you, the key question is how the agency treats a platform’s funding and structure when it examines a specific program.

When does the rule take effect?

The final rule takes effect on January 18, 2027. Until then, the OCC’s approach gives crypto platforms room to offer rewards, but the agency’s case-by-case review will determine where the legal line falls.

Watch for the OCC’s first supervision decisions or public guidance on specific reward arrangements, and for whether Congress changes the GENIUS Act’s yield restriction.

Source material

• Associated Press report — apnews.com
• OCC’s final rule in the Federal Register — thefederalregister.org