On January 18, 2027, every firm that wants to put a dollar-pegged stablecoin in front of American users will answer to a single federal rulebook for the first time. The Office of the Comptroller of the Currency published that rulebook on Tuesday, October 21, 2026, in a final rule that locks in reserve, redemption, capital, and risk-management standards for payment stablecoin issuers — while the industry’s loudest fight, over whether issuers may keep paying yield or rewards, stays a case-by-case question the agency declined to settle in one stroke.