OCC leaves stablecoin rewards to case-by-case review

The Office of the Comptroller of the Currency finalized rules on October 21 that leave crypto platforms able to offer some stablecoin rewards, subject to case-by-case review. Stablecoins are designed to hold a steady value, often against the U.S. dollar, and their reserves can earn interest.

The rules leave exchanges room to offer rewards, but do not give every program a guaranteed pass.

The OCC’s final rule bulletin implements the GENIUS Act, signed into law on July 18, 2025. It takes effect on January 18, 2027, and covers stablecoin issuers under the OCC’s jurisdiction as well as certain custody activities.

Who can pay rewards under the rule?

Stablecoin issuers remain barred from paying holders interest simply for holding, using or retaining their coins, according to CoinDesk’s report on the final rule. Exchanges and other platforms may still offer rewards, but the OCC will assess each arrangement against the law’s wording and specific facts.

The word “solely” matters: the OCC indicated that a reward given at least partly for other reasons may fall outside the ban. The rule does not give existing programs special treatment or set out examples that guarantee a particular reward structure is allowed. Platforms will have to judge their programs against the rule and the OCC’s case-by-case approach.

What does that mean for stablecoin users?

Users may continue to see yield offers on stablecoin balances, but the final rule does not make those offers equivalent to bank savings accounts. The OCC rule applies to issuers and related activities within its oversight; it does not provide deposit insurance for stablecoin holdings.

For a sense of the rates at stake, the Associated Press reported that Coinbase offered up to 3.5% on USDC balances, while the average traditional savings account yielded 0.38%, citing the latest Federal Deposit Insurance Corp. figures. Those rates can change, and an advertised reward does not establish that every platform’s program will pass regulatory review.

When does the change take effect?

The rule and the GENIUS Act take effect on January 18, 2027. Until then, the OCC says the final rule establishes requirements for permitted payment stablecoin issuers and certain custody activities; it will announce separately when it begins accepting applications and waiver requests.

For platforms, the practical task is to review how rewards are earned and whether they are tied solely to holding, using or retaining a stablecoin. For users, the key distinction remains who pays: issuers cannot pay direct interest under the law, while platform rewards remain subject to regulatory scrutiny.

Sources

• final rule bulletin — occ.treas.gov
• CoinDesk’s report on the final rule — coindesk.com