Existing US payment stablecoin issuers awaiting approval from the Office of the Comptroller of the Currency will need a granted waiver to continue issuing after the GENIUS Act takes effect on Jan. 18, 2027, according to guidance released on Oct. 21. The OCC warned that submitting an application alone will not authorize continued issuance once the law applies, and that issuers without a granted waiver could be in violation of the law.
The waiver guidance was released alongside the OCC's final GENIUS Act framework, which was announced the same day and also takes effect on Jan. 18, 2027.
Who Qualifies for Waiver Relief
Under section 15.30(g) of the rule, eligible applicants must request a waiver in writing and must have a substantially complete application pending with the OCC on or before Jan. 18. The agency defines a substantially complete application as one containing enough information for it to decide whether the applicant meets the approval criteria.
Eligible groups include subsidiaries whose insured depository institution parents have applied on their behalf, as well as issuers applying for federal qualified payment stablecoin issuer status.
The OCC said it generally expects to grant waiver requests from existing issuers that meet these conditions, but it can still deny a request if its review finds more compelling reasons to do so.
Limits on Stablecoin Waivers
Waivers can last no more than 12 months, starting Jan. 18, 2027. The agency expects each waiver to last only as long as needed to address the applicant's stated reasons, meaning applicants should not assume they will receive a full year of relief.
A waiver of prior approval also does not automatically excuse issuers from other requirements. Covered applicants can request relief from additional provisions they cannot meet by the effective date, but the OCC said it has not found any compelling reasons that apply generally to granting those additional requests. Each one would be reviewed separately.
The favorable treatment is focused on issuers already operating in the US. The OCC said it expects new issuers to begin US operations only after they receive approval, and that it has found no generally applicable grounds for granting waivers to issuers that are not already operating or issuing in the country.
Intake Still Closed
Once intake opens, covered applicants are expected to request waivers as soon as practicable. The OCC said it will review each request on its merits and generally act by Jan. 18. The agency stressed that even a timely application could leave an existing issuer in violation of the prior approval requirement if the issuer keeps issuing without a granted waiver.
As of Oct. 21, the OCC's application page said intake was still closed. The agency is waiting for final Office of Management and Budget approval of the information collection tied to the application forms. The OCC said it will announce when it begins accepting applications through a press release and an update to its application page.
