The Office of the Comptroller of the Currency (OCC) has issued a 376-page proposal to implement the Guiding and Establishing National Innovation for US Stablecoins Act, formally barring payment stablecoin issuers from offering interest or yield. The draft rule, open for public comment for 60 days, prohibits supervised entities from providing any form of compensation tied solely to holding or using a payment stablecoin.
The proposal introduces a rebuttable presumption against issuer-affiliate arrangements designed to pass yield to token holders indirectly. While issuers may challenge this presumption, the OCC frames such structures as likely attempts to circumvent statutory restrictions. Limited carve-outs allow independent merchant discounts and certain non-affiliate profit-sharing agreements.
The rule could influence debate around the Digital Asset Market Clarity Act of 2025, particularly provisions concerning stablecoin rewards. Companies such as Coinbase have advocated for yield-bearing models within regulated frameworks, but the OCC proposal establishes a clear no-yield baseline for GENIUS-compliant issuers.
