The Office of the Comptroller of the Currency (OCC) has unveiled a comprehensive proposal to implement the GENIUS Act, marking a significant step toward federally regulated stablecoin activity in the United States.

New OCC stablecoin rule proposal seeks federal oversight

The notice of proposed rulemaking, issued on February 25, outlines how payment stablecoins can be issued, backed, supervised, and potentially revoked under federal banking oversight.

Under the draft rules, the OCC would regulate “permitted payment stablecoin issuers” including subsidiaries of national banks, federal qualified issuers, certain state qualified issuers, and foreign stablecoin issuers meeting specified requirements.

The proposal sets standards for reserve assets, mandatory redemption at par, liquidity and risk management, audits, supervisory examinations, custody, and application pathways laying the groundwork for stablecoins to operate within the traditional banking system.

The OCC has opened a 60-day public comment period to gather industry, stakeholder, and public feedback before finalizing the rules. Key aspects such as anti-money-laundering provisions, Bank Secrecy Act requirements, and sanctions rules will be addressed separately in coordination with the U.S. Department of the Treasury.

Comptroller Jonathan V. Gould described the proposed framework as designed to help the stablecoin sector “flourish in a safe and sound manner,” while providing clarity and regulatory certainty for issuers operating under federal supervision.

The GENIUS Act, enacted in July 2025, created a federal regulatory structure for payment stablecoins after years of debate over how to integrate digital assets into U.S. financial law.

The OCC’s proposal represents a landmark effort to translate that statute into enforceable federal rules, potentially shaping how banks, nonbanks, and foreign firms issue and manage stablecoins in the years ahead.

The dollar is trading mixed against the major currencies as investors await important macroeconomic releases and foreign policy signals. Market participants remain cautious ahead of upcoming US data, as well as potential statements following contacts between Washington and Beijing. The trade negotiations factor and the prospect of a meeting between Donald Trump and the Chinese leader remain in focus, as any signs of progress or escalation could influence demand for safe-haven assets and the dollar’s trajectory.

Upcoming macroeconomic releases and developments in the US–China trade agenda will be decisive: either the dollar maintains its advantage and continues to strengthen, or the market shifts into a deeper correction from current levels.

USD/JPY

The USD/JPY pair showed a strong upward impulse at the start of the week and moved closer to recent highs. The rally reflects steady demand for the dollar and relative weakness of the yen amid stable expectations regarding Federal Reserve policy and the accommodative stance of the Bank of Japan. Additional support for the dollar comes from expectations surrounding US economic data, which may confirm the resilience of the American economy.

Should the data come in strong, the move towards fresh highs may continue, while weaker figures could trigger profit-taking and a short-term correction.

Key events for USD/JPY:

• Today at 15:30 (GMT+2): US initial jobless claims;
• Today at 17:00 (GMT+2): Speech by Federal Open Market Committee (FOMC) member Michelle Bowman;
• Tomorrow at 01:30 (GMT+2): Tokyo core Consumer Price Index (CPI), Japan.

USD/CAD

The USD/CAD pair remains in a sideways phase. The pair tested the upper boundary of the range but encountered resistance and shifted into a moderate pullback. Technical analysis suggests a possible move towards the lower boundary of the medium-term range, as a “doji” reversal pattern has formed on the daily timeframe.

A confident break and consolidation above 1.3730 could allow the upward momentum to resume.

Key events for USD/CAD:

• Today at 15:30 (GMT+2): Canadian wholesale sales;
• Tomorrow at 15:30 (GMT+2): Canada GDP (q/q);
• Tomorrow at 15:30 (GMT+2): US Producer Price Index (PPI).

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Crypto exchange Gate has secured a Payment Institution license in Malta, a license under the European Union’s PSD2 framework, giving the crypto exchange a regulated foothold to offer payment services across the bloc alongside its existing crypto permissions.

The company said Thursday that its Malta-based entity, Gate Technology, received the license from the Malta Financial Services Authority (MFSA). Gate said the approval supports its strategy of linking traditional payment infrastructure with Web3 services in Europe.

The authorization adds payment capabilities to Gate’s existing EU crypto permissions. On Oct. 1, 2025, Gate announced that it had obtained a license under the EU’s Markets in Crypto-Assets Regulation, allowing it to provide exchange and custody services across member states.

EU crypto companies offering payment services in stablecoins must hold either a Payment Institution or an Electronic Money Institution authorization. With PSD2 approval, Gate can passport regulated payment services across the bloc, expanding beyond trading into fiat and stablecoin payment infrastructure.

Gate says its flagship exchange serves more than 49 million users globally, though it does not publicly disclose a breakdown of users in the EU.