Banks Push OCC To Narrow Weekly Stablecoin Reporting
Bank groups and state regulators are pressing the OCC to revise proposed stablecoin reporting forms before issuers face weekly data requirements for reserves, wallets and trading activity.
Stablecoin issuers still do not know how much weekly data they will have to produce as the Office of the Comptroller of the Currency moves federal stablecoin regulation from statute to implementation, PYMNTS reported.
Bank and state-regulator comment letters are pressing the agency to narrow or coordinate the data it wants from permitted payment stablecoin issuers.
The OCC proposal would create confidential weekly reports and quarterly financial condition reports for issuers under the agency's jurisdiction.
The initial comment period closed Aug. 11, while the OCC's broader March proposal to implement the GENIUS Act remains unfinished.
Reserve Data Becomes The First Fight
The proposed weekly schedules would reach into the assets backing each stablecoin and into the payment activity around it, from issuance and redemptions to venue data, volume, large wallets and counterparties.
For Treasury holdings, the forms could seek security identifiers, valuation fields, maturity information, interest-rate data, custodian names and repo-linked encumbrance details.
The Bank Policy Institute and American Bankers Association called individual Treasury CUSIP reporting a substantial burden in a joint letter and recommended aggregated Treasury reporting instead.
Tokenized reserve assets drew a separate objection, with the groups arguing that tokenized and non-tokenized Treasuries represent the same U.S. government claim for reserve purposes.
If the tokenized-asset field survives, issuers would be able to report holdings in percentage ranges under the BPI and ABA proposal, and the OCC would clarify what counts as a tokenized reserve asset.
The reserve schedule would therefore decide how much operational detail stablecoin issuers must classify, validate and deliver every week.
Market Activity Reporting Adds Another Layer
The OCC also wants a regular view of stablecoin activity outside reserve composition.
Schedule A would collect large holders by wallet address, exchanges, trading volume and major counterparties, while Schedule B would cover issuance, redemption, secondary-market price and trading information.
BPI and ABA asked for more time to prepare and validate weekly reports, less duplicate data entry and terminology aligned with Call Report instructions.
For banks, stablecoin reporting may need to connect with existing supervisory systems rather than become a parallel workflow for every data field.
Publication is another unresolved line.
The OCC proposed keeping weekly reports confidential while publishing quarterly reports on issuers' financial condition.
XBRL US, in an April 29 comment on the broader GENIUS Act proposal, recommended structured machine-readable reporting, reuse of overlapping information from XBRL-formatted Call Reports, and public access to weekly information.
Coordination Remains Open
BPI and ABA compared the OCC plan with a Federal Deposit Insurance Corp. proposal that would scale back weekly collection for issuers below $1 billion in outstanding issuance and below $100 million in prior-month average daily transactions.
The banking groups sought substantially similar federal requirements, and the Conference of State Bank Supervisors also favored common reporting requirements.
The Aug. 11 deadline did not finish the process.
A second OCC notice will open another 30-day comment period before the collection moves through the Paperwork Reduction Act process, and BPI and ABA said the agency should finalize the underlying GENIUS Act rule before reproposing reporting forms tied to that rule.
The rulemaking sequence leaves issuers with a narrow but important operating question: whether stablecoin supervision will reuse bank reporting infrastructure where possible, or require new weekly data pipelines for reserves, wallets, trading venues and counterparties.
