The GENIUS Act, signed July 18, 2025, made 'Permitted Payment Stablecoin Issuer' the operative federal designation for every US stablecoin issuer — Circle, Paxos, and Bridge/Stripe included. The OCC published a 376-page NPRM on February 25, 2026 defining the PPSI licensing framework in full. Comment deadline is May 1, 2026. StablePPSI.com is the exact-match vocabulary domain for this category.
The structural problem is jurisdiction. Before the GENIUS Act, US stablecoin issuers operated under a patchwork of state money transmitter licenses — New York's BitLicense, Wyoming's SPDI charter, state trust company authorizations. No single federal supervisor existed. No unified reserve standard applied. Circle ($43B+ USDC supply), Paxos (USDP, PYUSD), and Bridge (acquired by Stripe for $1.1B in 2024) all operated inside this gap, with no explicit statutory priority for holders in an issuer insolvency.
Congress closed the gap with the GENIUS Act (signed July 18, 2025), creating Permitted Payment Stablecoin Issuer as the single federal licensing designation for US stablecoin issuers. After enforcement begins, no entity may issue a payment stablecoin in the US unless it is a licensed PPSI — a bank subsidiary, a federally licensed nonbank, or a qualifying foreign issuer. Circle submitted a 47-page comment letter to Treasury on November 4, 2025 supporting “a consistent national regime for permitted payment stablecoin issuers, regulated foreign payment stablecoin issuers, and the consumers who rely on them.”
The OCC published a 376-page NPRM on February 25, 2026 — the most comprehensive federal implementing rule under the GENIUS Act. It defines PPSI capital requirements ($5M minimum during a three-year de novo period), eight permissible reserve asset types (cash, Fed balances, T-bills with ≤93 days remaining maturity, overnight repos), a two-business-day redemption window, and a liquidity backstop equal to one year of operating expenses. Comments close May 1, 2026. Final rules required by July 18, 2026. Enforcement begins January 18, 2027, or 120 days after final rule publication, whichever is earlier.
StablePPSI.com is the exact-match domain for this licensing category — coined in federal legislation, February 2026, now the operative term in every OCC, FDIC, Federal Reserve, and NCUA implementing document. Part of the StableClarity US Regulatory vocabulary network. Available for sector acquisition, full portfolio, or licensing.
Permitted Payment Stablecoin Issuer (PPSI)
PPSI is the federal licensing designation created by the GENIUS Act for entities authorized to issue payment stablecoins in the United States. Eligible structures include subsidiaries of OCC-supervised insured depository institutions, federally licensed nonbank entities, uninsured national banks, and qualifying foreign payment stablecoin issuers meeting comparability standards. The OCC holds the broadest PPSI supervisory jurisdiction among the four implementing agencies — covering national bank subsidiaries, nonbank licensees, and foreign branches.
Payment Stablecoin
A payment stablecoin is a digital asset designed for use as a means of payment or settlement, maintained at a fixed nominal value relative to a fiat currency, and backed by identifiable reserve assets on a one-to-one basis. The GENIUS Act explicitly prohibits payment of yield or interest to holders — a prohibition the OCC's February 2026 NPRM extends to affiliate arrangements and white-label structures the OCC deems functionally equivalent to yield payment.
Reserve Asset Requirement
PPSIs must maintain 100% reserve backing at all times — identifiable reserve assets equal to the full outstanding issuance value of their payment stablecoins. The OCC's NPRM specifies eight permissible reserve types: cash, demand deposits at insured institutions, Federal Reserve balances, US Treasury securities with ≤93 days remaining maturity, and certain overnight repos backed by Treasuries. Monthly reserve reports must be independently examined and made publicly available.
Federal Payment Stablecoin Regulator
The GENIUS Act splits PPSI supervision across four federal agencies by charter type: the OCC (national bank subsidiaries, federally licensed nonbank PPSIs, foreign bank branches); the FDIC (state nonmember bank and savings association subsidiaries); the Federal Reserve (state member bank subsidiaries); and the NCUA (federally insured credit union subsidiaries). Each agency must publish final implementing regulations by July 18, 2026.
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