US banking lobby criticises OCC over stablecoin rewards rule

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The American Bankers Association (ABA) has accused US regulators of undermining Congress after the Office of the Comptroller of the Currency (OCC) issued its final rule implementing the GENIUS Act without taking a firm position on third-party stablecoin rewards.

Published on Wednesday, the rule bars stablecoin issuers from directly paying interest but drops a proposed presumption that certain arrangements with third-party platforms could be unlawful.

The decision leaves unresolved whether platforms such as Coinbase can offer rewards on stablecoin holdings. The issue has also been a point of contention in negotiations over the broader Clarity Act, which has stalled in the Senate.