On 21 October 2026 the OCC finalized its rule under the GENIUS Act, and its community-bank fact sheet says the agency is "encouraging the development of payment stablecoin capabilities within the community banking sector." The rule takes effect on 18 January 2027. As of 29 October the OCC is not yet taking applications, and it says it will announce separately when it begins.
A bank deciding whether to issue a public coin can already look at the coins that exist. So I measured where today's fiat-backed dollar stablecoins sat against $1 over the last 30 days, one number per coin. The page describes where they sat and makes no claim about why.
What I measured
DefiLlama publishes the two things this needs: a list of stablecoins with each one's supply and how it is backed, and a daily price for each. I took both on 27 October 2026. From the list I kept every coin pegged to the US dollar, labelled fiat-backed, with more than $1 million outstanding, which is 73 coins. For each one I took the distance of every daily price from $1, in basis points, over the 30 days from 28 September to 27 October, and used the median.
Two rules decide which coins count. A coin needs a usable price on at least 20 of the 30 days. And a daily price of exactly 1.0 is treated as a fixed value and dropped. That second rule removes three products that report a near-constant 1.0: BlackRock's BUIDL fund (28 of its 30 readings are exactly 1.0), Ondo's U.S. Dollar Token (27) and GAIB AID (23). None of the 45 coins that end up counted had a reading of exactly 1.0, so the rule removed no data from them. The other 25 dropped coins simply lack enough prices. In all 28 fail, 27 of them under $1 billion, and BUIDL is the one above. The 45 that pass have between 28 and 30 days each.
The fiat-backed label is DefiLlama's, and it is broader than the payment stablecoins the rule covers. It includes some yield-bearing tokens and at least one SEC-registered security, Figure's YLDS. I left them in, and the table under the chart lists every counted coin, so anyone can drop the ones they would not count.
All 45 coins as a table
| Coin | Supply | Median from $1 | Worst day | Median from USDT | Correlation with USDT |
|---|---|---|---|---|---|
| Tether (USDT) | $181.9B | 7.6 | 12.9 | 0.0 | – |
| USD Coin (USDC) | $71.3B | 2.2 | 6.8 | 4.7 | – |
| World Liberty Financial USD (USD1) | $3.9B | 7.0 | 12.6 | 2.2 | – |
| Global Dollar (USDG) | $3.1B | 1.0 | 2.6 | 7.3 | – |
| PayPal USD (PYUSD) | $2.9B | 2.0 | 6.3 | 4.9 | – |
| Ripple USD (RLUSD) | $2.6B | 1.0 | 3.3 | 8.5 | – |
| USDGO (USDGO) | $1.3B | 1.3 | 3.2 | 7.9 | – |
| Open USD (OUSD) | $836.0M | 6.1 | 54.6 | 4.0 | 0.30 |
| Usual USD (USD0) | $541.3M | 12.5 | 22.6 | 7.6 | 0.29 |
| Ethena USDtb (USDTB) | $516.4M | 7.2 | 15.0 | 1.0 | 0.90 |
| TrueUSD (TUSD) | $483.4M | 10.1 | 24.7 | 4.0 | 0.71 |
| YLDS (YLDS) | $481.2M | 5.8 | 13.3 | 0.5 | 0.83 |
| SoFiUSD (SOFID) | $350.5M | 6.8 | 19.6 | 3.2 | 0.14 |
| Gate USD (GUSD) | $319.1M | 23.4 | 30.4 | 15.6 | 0.98 |
| First Digital USD (FDUSD) | $301.8M | 23.2 | 33.5 | 15.6 | 0.90 |
| Agora Dollar (AUSD) | $197.0M | 8.4 | 13.7 | 1.0 | 0.97 |
| USAT (USAT) | $182.1M | 10.4 | 17.7 | 3.4 | 0.92 |
| CASH (CASH) | $128.2M | 10.2 | 15.4 | 3.0 | 0.95 |
| Avant USD (avUSD) | $116.4M | 17.3 | 73.9 | 10.3 | 0.37 |
| Frax USD (FRXUSD) | $96.0M | 1.0 | 6.1 | 5.8 | 0.11 |
| AP USDA (USDA) | $83.2M | 407.2 | 1173.4 | 398.5 | -0.75 |
| Sui Dollar (USDSUI) | $77.2M | 7.5 | 51.9 | 1.6 | 0.11 |
| Cygnus Finance Global USD (cgUSD) | $75.7M | 78.2 | 86.4 | 75.0 | 0.11 |
| Fidelity Digital Dollar (FIDD) | $46.1M | 5.7 | 12.9 | 1.4 | 0.34 |
| PathUSD (pathUSD) | $46.0M | 12.3 | 112.1 | 18.5 | -0.10 |
| Gemini Dollar (GUSD) | $35.7M | 9.6 | 19.4 | 4.4 | 0.78 |
| Aegis YUSD (YUSD) | $34.4M | 8.0 | 30.1 | 4.2 | 0.41 |
| Binance USD (BUSD) | $34.3M | 16.1 | 43.4 | 14.3 | -0.17 |
| StraitsX XUSD (XUSD) | $34.1M | 2.6 | 12.9 | 9.5 | 0.11 |
| Hex Trust USDX (USDX) | $24.5M | 74.4 | 576.6 | 65.3 | 0.17 |
| Pax Dollar (USDP) | $22.5M | 21.7 | 74.1 | 18.1 | -0.34 |
| Stable Coin (SBC) | $18.3M | 9.1 | 16.5 | 2.1 | 0.84 |
| Western Union USDPT (USDPT) | $17.4M | 3.1 | 26.1 | 4.3 | -0.12 |
| OpenDollar USDO (USDO) | $14.3M | 33.9 | 158.8 | 29.6 | 0.42 |
| Stable Mint USD (USDSM) | $12.0M | 6.2 | 338.5 | 11.0 | 0.22 |
| USD CoinVertible (USDCV) | $10.9M | 12.8 | 99.6 | 5.6 | 0.15 |
| Telcoin eUSD (eUSD) | $10.2M | 7.2 | 187.9 | 8.4 | -0.14 |
| Anzen USDz (USDz) | $7.8M | 265.0 | 869.0 | 256.0 | -0.77 |
| USDH Stablecoin (USDH) | $6.3M | 33.9 | 85.4 | 25.6 | 0.08 |
| USDST (USDST) | $4.9M | 10.9 | 16.2 | 2.0 | 0.92 |
| Startale USD (USDSC) | $4.5M | 13.9 | 46.0 | 8.7 | 0.27 |
| Anzens USDA (USDA) | $3.9M | 31.9 | 97.3 | 33.4 | 0.03 |
| USD Somnia (USDso) | $3.1M | 8.0 | 44.2 | 11.1 | -0.07 |
| Glo Dollar (USDGLO) | $2.3M | 10.4 | 367.4 | 10.0 | -0.34 |
| Streamflow USD+ (USD+) | $1.6M | 6.9 | 13.4 | 0.8 | 0.96 |
Distances in basis points. Worst day is the largest single daily distance from $1 in the window. Correlation is between each coin’s daily price and USDT’s over the same days, shown for coins under $1 billion.
What the numbers show
- The large coins sat close. Seven coins have more than $1 billion outstanding. Five sat within 2.2 bps of $1: USDG and RLUSD at 1.0, USDGO at 1.3, PYUSD at 2.0 and USDC at 2.2. USD1 sat at 7.0 and USDT at 7.6.
- The smaller coins spread out. The other 38, between $1 million and $1 billion, sat a median 10.3 bps from $1. Three of them were under 5 bps, and four were more than 40 bps away.
- Size went with distance across the whole set, much less below $1 billion. Across all 45, the rank correlation between supply and distance is −0.42: larger coins tended to sit closer. Among the 38 coins under $1 billion it is −0.16, too weak to call a relation.
- One issuer's coins can sit far apart. Paxos Trust Company issues both PYUSD, with $2.9 billion outstanding, which sat at 2.0 bps, and USDP, with $22.5 million, which sat at 21.7. The four coins in the set that Anchorage Digital Bank issues (USDGO, USDPT, USDtb and USAT) sat at 1.3, 3.1, 7.2 and 10.4. Sources for each issuer are on Anchorage's reserves page and, for USDPT, in The Block.
- The insured bank's coin sat in the middle. SoFiUSD, issued by SoFi Bank, an FDIC-insured national bank, sat at 6.8 bps, with a worst single day of 19.6.
Which coins moved with USDT
USDT moved partway through the window. Its signed median (the median of price minus $1, so negative means below par) was −2.0 bps over the ten days from 28 September to 7 October and −8.3 bps from 8 October on. That is a step of 6.3 bps, and roughly four times the discount. Most of the field moved the same way: 33 of the 45 coins had a lower signed median after 8 October than before, and 35 of the 45 sat farther from $1.
Coin by coin, the smaller coins split. Correlating each one's daily price with USDT's over the window, 10 of the 38 under $1 billion score above 0.8, among them USAT, USDtb and First Digital's FDUSD. Eighteen score 0.2 or less, among them SoFiUSD, USDPT and USDP. The median is 0.24. Over 30 days a correlation like this mostly asks whether a coin stepped down on 8 October too, so it identifies which coins moved with USDT and says nothing about why. One possibility is that some prices are derived partly from trading against USDT; DefiLlama does not document how each price is built, so I cannot check that.
Measured against USDT's price on the same day, the smaller coins' median distance is 8.0 bps, against 10.3 from $1. That gap is no evidence of a link on its own. 35 of the 38 sit below $1, and so does USDT, so measuring against USDT shrinks the distance of any coin below par whether or not it tracks USDT. The correlation is the better test, and it is in the table for every coin under $1 billion.
Over 90 days
The same method over 90 days gives smaller numbers. Taking the coins with enough prices for that window, again seven above $1 billion and 38 below though not quite the same 38, the large coins' median is 1.6 bps and the smaller coins' 7.5, or 5.8 against USDT. Twelve of the smaller coins sit under 5 bps, against three over 30 days. The 30-day window includes the October move in USDT and reads farther from $1. The chart shows it because it is the current one.
What the rule says that bears on this
Three points from the final rule and the statute behind it.
- An insured bank issues through a subsidiary. Under the GENIUS Act, an insured bank must issue a payment stablecoin through a subsidiary (12 U.S.C. 5901(23)). SoFiUSD is issued by SoFi Bank itself today. The requirement applies from 18 January 2027, and existing issuers that apply by then may request a temporary waiver.
- A tokenized deposit is a different instrument. In the words of the OCC's preamble, the Act's definition of a payment stablecoin "explicitly excludes deposits, regardless of whether the deposit is recorded using distributed ledger technology." A deposit can pay interest. A payment stablecoin's issuer cannot pay holders interest or yield "solely in connection with the holding, use, or retention" of the coin (12 U.S.C. 5903(a)(11)).
- Secondary trading and supervision. The OCC says the rule's redemption requirements "do not apply to secondary market trading," and also that it "intends to review" secondary-market information "for supervisory purposes."
What this does not show
- Trades. These are price-feed values, one a day. They say nothing about how much could be bought or sold at that price.
- Redemption. What a coin trades at and what its issuer pays on redemption are separate questions. Nothing here measures the second.
- Causes. Size, issuer, chain, trading venue and how the price feed is built all vary at once across 45 coins, and I have not separated them.
- More than one window. The 30-day picture includes a move in USDT that changes it, as the 90-day figures show.
What I would track from launch
For a bank that issues a public coin, the inexpensive version of this is a few figures recorded every day from the first one: the coin's worst daily distance from par, the same against USDT, and which trading pairs its price feed is built from, since that decides how much of a USDT move lands in the coin's own number.
Data
DefiLlama's public stablecoins and stablecoinprices endpoints, both taken on 27 October 2026. Every figure on this page is printed by one script run against that snapshot, which also draws the chart. The snapshot and the script are available on request.