"The OCC's rulemaking turns the GENIUS Act into a durable framework that works in practice, requiring issuers to meet highest-level standards of a standalone, ring-fenced entity with all of the capacity to meet the large demands placed on global issuers."
"Circle emphasized reliable redemption, operational resilience, and continuous 24/7/365 functionality. It also said regulated payment stablecoins should remain transferable, fungible, and usable across customers, platforms, and markets."
"Circle said uneven standards could weaken trust, create arbitrage, and disadvantage compliant issuers. The filing argued that issuers should compete under common prudential rules including bank, nonbank, state, federal, domestic, and foreign issuers."
Circle submitted comments to the Office of the Comptroller of the Currency supporting a national licensing framework for payment stablecoins under the GENIUS Act. The company advocates for clear, consistently applied oversight standards covering reserves, redemption, information security, supervision, and operational readiness. Circle emphasizes that regulated payment stablecoins must maintain reliable redemption, operational resilience, and continuous functionality while remaining transferable and usable across platforms. The company argues that uniform prudential rules should apply to all issuers—banks, nonbanks, state, federal, domestic, and foreign entities—to prevent arbitrage, protect users, and establish trusted digital dollars. Uneven standards could undermine trust and create competitive disadvantages.
#payment-stablecoins #genius-act-regulation #occ-rulemaking #digital-currency-oversight #national-licensing-framework
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