Circle Supports OCC’s National Stablecoin Licensing Framework
- Circle Internet Group submitted comments on May 1 supporting the OCC’s proposed GENIUS Act rule.
- The proposal includes standards for reserves, redemption, information security, supervision, compliance, and operational readiness.
- Circle emphasized the need for reliable redemption and continuous functionality of payment stablecoins.
- The OCC’s framework would apply to national banks and certain state-qualified payment stablecoin issuers.
- Anti-money laundering rules will be addressed separately with the Treasury Department.
Circle’s support for the OCC’s proposal reflects a push for uniform standards across all stablecoin issuers to enhance trust and reduce arbitrage in digital dollar transactions. This aligns with Circle’s emphasis on ensuring that regulated payment stablecoins remain transferable and usable across various platforms and markets.
By advocating for clear rules under the GENIUS Act, Circle aims to protect consumers and strengthen the role of trusted digital dollars globally through consistent application of these regulations. (Source)
