extended period would apply to all redemption requests outstanding at the time the 10% threshold is reached, as well as any subsequent redemption requests. In such circumstances, a Stablecoin Issuer could process redemptions prior to the expiration of the seven-calendar days period only if the OCC determines that the Stablecoin Issuer can redeem sooner in an orderly fashion and through a fair and transparent process, or the OCC provides notice that the extended redemption period no longer applies. Separately, the OCC would have the discretion to extend the redemption period to any length if it determines that a Stablecoin Issuer poses a threat to safety and soundness or financial stability or that such extension would be in the public interest.
Website Reports and Audit Requirements
The Proposed Rules also include website reporting and audit requirements. A Stablecoin Issuer would be required to publish on its website, by noon of the last day of each month, a report consistent with a template included in the Proposed Rules (a “Report”) setting forth the composition of the issuer’s reserves and the total amount of outstanding payment stablecoins issued by the Stablecoin Issuer, in each case as of noon on the last day of the preceding month. The Report would also be required to include the average tenor and geographic location of custody of each category of reserve assets, which can be satisfied by disclosing the jurisdiction where reserve assets are custodied or located. A registered public accounting firm would need to examine the information in each Report, and its report would also need to be published on a Stablecoin Issuer’s website according to the same timeline as the examined Report. A Stablecoin Issuer’s chief executive officer and chief financial officer would need to submit a certification to the OCC that the information in each Report is accurate.
Examinations and Supervision
Stablecoin Issuers would be subject to an OCC examination at least once during every 12-month period, unless they meet the conditions for an extended cycle. 27 Examinations would involve an assessment of the issuer’s financial condition, nature of operations, risk management practices, compliance with regulations, and overall safety and soundness. The OCC may request prompt and complete access to all officers, directors, employees, agents, and relevant books and records of a Stablecoin Issuer. Stablecoin Issuers would be required under the Proposed Rules to submit: confidential weekly reports to the OCC regarding issuance, redemption, trading volume, and reserve assets; quarterly reports on financial condition including income statement, expenses, balance sheet, reserves, changes in equity, investments, capital, outstanding issuance value, and assets under custody; and
27 The extended cycle would be an 18- to 36-month cycle, as determined by the OCC, and be available to Stablecoin Issuers that are:
not under formal enforcement action, not recently subject to a control acquisition,
below $1 billion in outstanding issuance value or $25 billion in monthly trading volume, and
in full compliance with reserve and reporting requirements.
March 2026 / Page 15
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