The OCC generally expects to grant requests for waivers from the Prior Approval Requirement for existing issuers currently operating in the United States. Beginning on January 18, 2027, a person generally must be approved as a permitted payment stablecoin issuer to issue a payment stablecoin in the United States.
Issuing a payment stablecoin in the United States without being a permitted payment stablecoin issuer carries criminal penalties. A primary federal payment stablecoin regulator may waive requirements of the act for an applicant to be a federal qualified payment stablecoin issuer with a pending application on January 18, 2027.
The primary federal payment stablecoin issuer may waive the requirements for a period not to exceed 12 months beginning on January 18, 2027. Any stablecoin issuer that has a substantially complete application pending with the OCC to become a permitted payment stablecoin issuer may request in writing that the OCC waive requirements of the act or final rule.
The OCC intends to accept applications and waiver requests soon after OMB approves of the information collection related to the application forms. The OCC will issue a press release when it begins accepting applications and waiver requests.