US Treasury Secretary Scott Bessent on Wednesday likened the Trump administration’s stablecoin legislation to banking reforms enacted during President Abraham Lincoln’s presidency, noting the historical parallel between two efforts to create a national currency framework more than 160 years apart.In a post on X, Bessent described the Office of the Comptroller of the Currency’s final rule implementing the GENIUS Act as a “watershed moment in American finance.” He referenced the National Currency Act of 1863, which established a federal framework for nationally chartered banks to issue currency, and argued that the GENIUS Act serves a similar purpose for payment stablecoins in the digital age.Bessent said the OCC rule would support “private-sector innovation, competition, and American leadership in digital assets.”According to Cointelegraph, the OCC finalized rules governing stablecoin reserves, redemptions and related services on Wednesday. The regulations are set to take effect on Jan. 18, 2027.Jonathan Gould, comptroller of the currency, called the regulations a “clear, practical framework for payment stablecoin innovation.”The GENIUS Act, signed into law in 2025, created a federal regulatory framework for payment stablecoins. The OCC’s final rule outlines how that framework will apply to issuers under its supervision, including requirements for reserves, redemptions and risk management.Beginning Jan. 18, 2027, companies issuing payment stablecoins in the United States will generally need regulatory approval under the GENIUS Act. Issuing stablecoins without the required authorization could carry penalties.The OCC said the final rule covers national banks, federal savings associations, federal branches of foreign banks and nonbank companies seeking approval to issue payment stablecoins under federal supervision. It also covers certain foreign payment stablecoin issuers.The rules come as dollar-denominated stablecoins gain traction for payments and money transfers, even as growth in their overall supply has stalled.