OCC Final Stablecoin Rule Keeps Two-Day Redemption, Drops Yield Test

The OCC's retreat from a yield test is the detail that matters most: it keeps the boundary between payment stablecoins and yield-bearing instruments blurred at the federal level, leaving that line to other regulators and to the market itself. The shift from an automatic redemption extension to one issuers must request tightens the operational burden on supervised issuers, while the capital floor sets a concrete bar for who can participate. Whether the yield question resurfaces through other channels is the open question.