From Jan 18, 2027, issuing a stablecoin in the US without approval is illegal. The OCC published the final rules for every issuer.

For holders: redemption within 2 business days from just 1 coin, monthly audited reserve reports, and only a regulator can freeze withdrawals. If reserves fall short for 15 business days, the issuer winds down and repays everyone, fee-free.

For issuers: 1:1 reserves in cash, short T-bills and government money funds, at least 5% in instant cash, max 40% with one counterparty, and $5M minimum capital plus 12 months of expenses.

The big change from the draft: third-party rewards are now judged case by case, so exchange yield programs survive. Offshore issuers need a comparable home regime, so Tether is launching USAT for the US.