货币监理署 OCC 定版稳定币终规：1比1储备、两日赎回 2027年1月18日随《GENIUS法案》生效
华盛顿讯：美国货币监理署（Office of the Comptroller of the Currency，OCC）10月21日发布实施《GENIUS 法案》的最终规则，为支付型稳定币立下联邦层面的储备、赎回、资本、托管与审计标准。规则与法案本身同于2027年1月18日生效；OCC 是首家完成该法实施规则制定的联邦监管机构，该法于2025年7月18日签署成为法律。
按 OCC 第2026-50号公告所载终规，适用对象包括全国性银行及其子公司、联邦储蓄协会、外国银行的联邦分行、寻求成为联邦合格发行方的非银行机构、外国支付稳定币发行方，以及部分受 OCC 监管的州合格发行方。获准发行方必须持有不低于其已发行稳定币价值的储备资产，储备限于美元现金、受保存款与短期美国国债等高流动性资产；赎回请求一般须在两个工作日内按面值办结；发行方资本下限为500万美元，并须接受年度审计、风险管理与周报、季报等报告要求。自2027年1月18日起，未经批准在美国发行支付型稳定币将面临处罚。
各方最关注的持币奖励问题，终规维持了法案的底线：发行方不得仅因持币人持有、使用或保留稳定币而直接向其付息。但与2月公布的征求意见稿相比，终规删去了「推定发行方与关联方、第三方的某些奖励安排违规」的条款，改为逐案按事实审查，同时明确不推定法案生效前已存在的奖励计划当然合规。反洗钱、《银行保密法》与外国资产控制办公室 OFAC 制裁方面的要求不在本规则内，将由 OCC 与财政部另行联合制定。
货币监理署署长 Jonathan Gould 表示，该规则为支付型稳定币创新提供了「一个清晰、实用的框架，在储备支持、赎回与风险管理方面设有严格标准」。财政部长 Scott Bessent 在 OCC 的发布中称《GENIUS 法案》是「美国金融的一个分水岭时刻」。OCC 称，发行申请与临时豁免申请的受理时间将另行公告，须待联邦管理与预算办公室批准相关信息收集后启动。（GSM 据货币监理署 OCC 公告及公开报道）
OCC Finalizes Stablecoin Rule Under the GENIUS Act: 1-to-1 Reserves and Two-Day Redemptions Take Effect January 18, 2027
Washington: The Office of the Comptroller of the Currency (OCC) on October 21 issued its final rule implementing the GENIUS Act, setting federal standards for payment stablecoin issuers on reserve backing, redemption, capital, custody and audits. The rule takes effect on January 18, 2027, the same day the Act itself takes effect, and the OCC is the first federal regulator to complete its rulemaking under the law, which was enacted on July 18, 2025.
Under the final rule, set out in OCC Bulletin 2026-50, covered issuers include national banks and their subsidiaries, federal savings associations, federal branches of foreign banks, nonbank entities seeking federal qualified issuer status, foreign payment stablecoin issuers, and certain state qualified issuers under OCC enforcement authority. Permitted issuers must hold reserves worth at least as much as their outstanding stablecoins, in eligible liquid assets such as U.S. currency, insured deposits and short-term Treasury securities; redemptions at par must generally be completed within two business days; issuers face a $5 million capital floor along with annual audits, risk-management standards and weekly and quarterly reporting. From January 18, 2027, issuing payment stablecoins in the United States without the required approval can carry penalties.
On the closely watched question of holder rewards, the final rule keeps the Act's prohibition on an issuer paying interest solely in connection with holding, using or retaining a stablecoin, but drops the February proposal's presumption that certain issuer arrangements with affiliates and third parties are violations; such arrangements will be assessed case by case, and the OCC said it will not presume that rewards programs predating the Act comply with it. Anti-money-laundering, Bank Secrecy Act and OFAC sanctions requirements are not in this rule and will be addressed in a separate rulemaking coordinated with the Department of the Treasury.
Comptroller of the Currency Jonathan Gould said the rule provides "a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing, redemption, and risk management." Treasury Secretary Scott Bessent, in the OCC's release, called the GENIUS Act "a watershed moment in American finance." The OCC said it will announce separately when it begins accepting issuer applications and waiver requests, after the Office of Management and Budget clears the related information collections. (GSM, based on the OCC release and public reporting)
来源：GSM·美国（原文链接）
图片来源：图：位于华盛顿的美国财政部大楼入口，货币监理署 OCC 为财政部下属机构。G. Edward Johnson 摄，CC BY 4.0，经维基共享资源。Photo: Entrance of the U.S. Department of the Treasury in Washington; the Office of the Comptroller of the Currency (OCC) is a bureau of the Treasury. Photo by G. Edward Johnson, CC BY 4.0, via Wikimedia Commons.
