The Office of the Comptroller of the Currency (OCC) has laid out a formal waiver process for existing US payment stablecoin issuers that are still awaiting the agency's approval. The guidance, released on Oct. 21 (OCC Bulletin 2026-51), came alongside the OCC's final GENIUS Act framework, which was announced the same day. Both the framework and the final rule take effect on Jan. 18, 2027. From that date, issuing payment stablecoins in the US will require the regulator's prior approval, and the waiver route is how existing issuers can keep operating while their applications remain under review.

The regulator cautioned that filing an application alone will not allow these issuers to continue issuing stablecoins once the GENIUS Act takes effect. Without a granted waiver, they could find themselves in violation of the law.

Who Qualifies for OCC 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 that contains enough information for it to determine 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 seeking federal qualified payment stablecoin issuer status.

The OCC said it generally expects to grant waiver requests from existing issuers that meet these conditions. Even so, the agency 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, beginning Jan. 18, 2027, and the agency expects each waiver to remain in force only as long as needed to address the applicant's stated reasons. Applicants should therefore not assume they will receive a full year of relief, as the duration may be shorter depending on each applicant's circumstances.

Relief from the prior approval requirement also does not automatically excuse issuers from other obligations under the rule. Covered applicants may seek waivers 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 requests. Each such request will be reviewed on an individual basis.

The favorable treatment is aimed at issuers already operating in the US. The OCC said it expects new issuers to begin US operations only after they receive approval, and it added that it has found no generally applicable grounds for granting waivers to issuers that are not already operating or issuing in the country.

Intake Remains Closed Pending OMB Approval

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 stablecoins without a granted waiver in place.

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 (OMB) 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. With the Jan. 18, 2027 effective date fixed, that announcement will start the clock on the filing window issuers have to secure waiver relief.

Source: Blockonomi