BlackRock pushes OCC to rethink tokenized reserve limits
BlackRock has urged the Office of the Comptroller of the Currency to revise parts of its proposed GENIUS Act rules. BlackRock asked the OCC to remove a proposed cap on tokenized stablecoin reserve assets.The asset manager wants reserve rules based on liquidity, credit quality, and maturity risk.BlackRocks BUIDL fund is gaining use as institutional collateral across crypto trading platforms. The request centers on tokenized reserve assets and the assets that stablecoin issuers may hold. BlackRock filed a comment letter asking the OCC to drop a proposed limit on tokenized reserve assets. The firm opposed a possible 20% cap under draft rules for permitted payment stablecoin issuers. The asset manager argued that risk should depend on credit quality, maturity, and liquidity. It said the use of a distributed ledger should not decide whether an asset qualifies as safe or unsafe. The argument raises doubts around treating tokenized Treasury products differently from traditional versions. GENIUS Act reserve rules face debate The GENIUS Act created a federal framework for payment stablecoins in July 2025. The OCCs proposal seeks to apply that framework to issuers under its supervision, including rules for reserves, redemptions, custody, and reporting. The OCC proposal says stablecoin issuers must hold reserve assets that are diverse enough