A stablecoin issuer outside the United States can have its coin offered to US users without forming a US company only by registering with the Office of the Comptroller of the Currency (OCC) as a foreign payment stablecoin issuer. Registration depends on four conditions in section 18 of the GENIUS Act, the first of which is a determination by Treasury that the issuer's home regime is comparable to the Act. As at November 2026 Treasury had made no such determination, so the route is defined but not yet open. The Act and the OCC's final rule of 21 October 2026 take effect on 18 January 2027.
This article sets out the conditions, what the OCC's final rule adds, the obligations that follow registration and how a non-US issuer should prepare. The domestic route, a US entity approved as a permitted payment stablecoin issuer, is covered in our guide to the GENIUS Act stablecoin issuer application.
The legal framework in brief
The Guiding and Establishing National Innovation for US Stablecoins Act was signed on 18 July 2025. From its effective date only a permitted payment stablecoin issuer may issue a payment stablecoin in the United States, and US digital asset service providers, the exchanges, brokers and custodial wallets that serve US users, may only offer coins that meet the Act's conditions.
| Date | Event |
|---|---|
| 18 July 2025 | GENIUS Act signed |
| 18 August 2026 | Treasury proposed rule on issuance, offer and sale, including foreign issuers |
| 21 October 2026 | OCC final rule, including foreign issuer registration |
| 23 November 2026 | Comments due on the OCC application and registration forms |
| 18 January 2027 | Act and OCC rule take effect |
| 18 July 2027 | Treasury's target for reciprocal arrangements with comparable regimes |
| 18 July 2028 | US platforms may offer only permitted or registered payment stablecoins |
The four conditions for a foreign issuer
| Condition | Who decides | What it requires |
|---|---|---|
| Comparable home regime | Treasury | A published determination that the home regulatory and supervisory regime is comparable to the GENIUS Act |
| OCC registration | OCC | Registration as a foreign payment stablecoin issuer |
| US reserves | Issuer, under OCC rules | Reserves at a US financial institution enough for US customers' liquidity needs, unless a reciprocal arrangement provides otherwise |
| Sanctions and money laundering | US government | Home country not under comprehensive US sanctions or designated a primary money laundering concern |
The issuer must also be technologically able to comply with lawful US orders, such as orders to freeze, block or burn coins, and must comply with them.
Comparability: where it stands
Treasury's proposed rule of 18 August 2026 sets out how determinations are made. The Secretary acts on the recommendation of the other members of the Stablecoin Certification Review Committee, the Federal Reserve and the FDIC, publishes a justification in the Federal Register, and must decide within 210 days of a substantially complete request. Comments on the proposal closed on 19 October 2026.
No determination had been published as at November 2026, for the EU, the UK, Singapore, Japan, the UAE or any other jurisdiction. Issuers should not plan US distribution on the foreign route until their home regime has a determination. The UK's own stablecoin regime only starts on 25 October 2027, which affects when a UK regime could be assessed; our article on FCA stablecoin authorisation covers the UK side.
The OCC's reserve options
The OCC's final rule gives a registered foreign issuer several ways to meet the US reserve condition:
- hold substantially all reserves in the United States;
- hold US reserves sufficient to meet redemptions by US holders under stressed conditions;
- a threshold option based on the share of outstanding coins held by US-located holders, with a set share of reserves held at eligible US institutions;
- an alternative approach approved by the OCC.
The choice affects treasury management in the home jurisdiction, where the home regulator will have its own rules on reserve location and custody. The two sets of rules need to be reconciled before registration, not after.
Obligations after registration
| Obligation | Detail |
|---|---|
| Monthly report | US holdings and the reserves supporting them |
| Reporting | Same requirements as US issuers, unless a reciprocal arrangement provides otherwise |
| Examination | Subject to OCC examination, with cost-based fees |
| Lawful orders | Ongoing ability and commitment to freeze, block or burn coins on lawful order |
| Withdrawal | OCC, in consultation with Treasury, may withdraw registration for non-compliance |
A registered foreign issuer is therefore supervised in two places: by its home regulator, and by the OCC for its US-facing obligations. Compliance functions should plan for both reporting calendars.
The pressure from US platforms
The Act acts on distribution as much as on issuers. From 18 January 2027 a US digital asset service provider may not deal in a foreign-issued payment stablecoin unless the issuer can and will comply with lawful US orders. From 18 July 2028 platforms may offer only stablecoins from permitted issuers or registered foreign issuers. US exchanges and wallets will run their own reviews ahead of those dates and will ask listed issuers for evidence of freeze and burn capability, a US route and timetable, reserve location and sanctions controls.
Foreign registration and the domestic route compared
| Point | Foreign registration | Domestic permitted issuer |
|---|---|---|
| Entity | Existing non-US issuer | US entity, often a subsidiary |
| Gate | Treasury comparability determination | OCC or state approval |
| Main supervisor | Home regulator, with OCC for US obligations | OCC or state regulator |
| Reserves | US reserves under one of the OCC options | One for one in eligible assets |
| Timing | Depends on Treasury's determinations | Application can be filed now |
| Fit | Large non-US issuers with a minority of US holders | Issuers with a large US user base |
Groups can use both routes over time. A common plan is a US subsidiary for US-facing products, with the foreign coin registered later once its home regime is found comparable.
Points to settle with the home regulator
Registration with the OCC does not displace the home regulator, and a foreign issuer should agree four points at home before it files in the US:
- Reserve location. Whether holding part of the reserve at US institutions is consistent with home rules on custody, concentration and eligible assets.
- Information sharing. How the home regulator will respond to OCC requests, and whether a memorandum of understanding is in place or planned.
- Lawful orders. How a US order to freeze or burn coins interacts with home law, particularly where holders are outside the United States.
- Recovery and redemption. Whether the home regime's redemption and insolvency rules give US holders the protection the Act expects.
Under MiCA, for example, an e-money token issuer must meet MiCA's own reserve and redemption rules wherever its holders are, so an EU issuer would need to show how US reserve arrangements fit within them. Our page on MiCA authorisation for crypto-asset service providers covers the EU framework that sits alongside the token rules.
What US platforms will ask for
Exchanges, brokers and wallets will review every listed payment stablecoin before 18 January 2027. Issuers should expect requests for:
- written confirmation of technical freeze, block and burn capability, and the governance that controls it;
- the route the issuer intends to take, foreign or domestic, with dates;
- reserve composition, location and attestation reports;
- sanctions screening and transaction monitoring controls;
- the issuer's response plan if Treasury does not find its home regime comparable by July 2028.
Issuers that send this information to platforms before they ask keep their listings on firmer ground through the transition.
When the domestic route makes more sense
Where US users are central to the business, the domestic route does not depend on Treasury's timetable. A nonbank can apply to the OCC as a federal qualified issuer, with reserves held one for one in eligible assets, redemption generally within two business days, no yield, and a capital floor of US$5 million. An existing issuer with a substantially complete application pending on 18 January 2027 can ask for a waiver of up to 12 months while it is decided. Our comparison of an OCC national trust charter and state money transmitter licences covers the related licensing choices.
Who this affects most
The foreign route matters most to three groups: large non-US issuers whose coins already trade on US platforms; EU e-money token issuers that want US distribution without forming a US company; and issuers in Asia and the Middle East whose home regimes are among those most likely to be assessed early. For issuers with very few US holders, the main effect is indirect: US platforms may stop listing their coins, which affects liquidity elsewhere.
Preparing the foreign registration file
- Measure the share of holders and volume that is US-located and how it reaches them.
- Document the token's freeze, block and burn capability and the governance around lawful orders.
- Map home regime rules on reserves, redemption, capital, disclosure and anti-money laundering against the Act.
- Choose a reserve option and agree it with the home regulator and reserve custodians.
- Prepare the OCC registration information so it can be filed as soon as a determination is published.
- Brief US platforms in writing on the plan and dates.
Issuers that complete these steps now keep both routes open: they can file a domestic application before 18 January 2027 if US demand justifies it, and register as a foreign issuer as soon as their home regime qualifies.