OCC Advances GENIUS Act Stablecoin Framework, Awaits OMB Approval

The Office of the Comptroller of the Currency (OCC) is implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act (Public Law 119-27). President Donald J. Trump signed the law on July 18, 2025. The legislation establishes a federal regulatory framework for permitted payment stablecoin issuers, with the OCC responsible for implementation. The agency describes the law as ushering in a new era of American innovation in financial services and is developing the processes and regulatory materials needed to put the framework into effect.

A key implementation milestone remains outstanding: the Office of Management and Budget (OMB) must give final approval to the information collection associated with the application forms. Until that approval is received, the OCC is not accepting applications or waiver requests from payment stablecoin issuers. The OCC says it will announce the start of submissions through a press release and update its GENIUS Act webpage. For regulated entities and firms supporting them, this means the published framework is moving through an administrative implementation step, but the application process is not yet open.

The development has potential relevance to government contractors that provide regulatory technology, compliance services, application-processing systems, data management, or related support to financial regulators and regulated financial institutions. However, the source identifies no procurement funding, solicitation, contract award, contract vehicle, bid deadline, or specific contractor requirement. GovCon firms should therefore treat this as a regulatory and market-monitoring signal, not as an active acquisition opportunity. The immediate trigger to watch is OMB’s approval of the information collection, followed by the OCC’s announcement that it is accepting applications and waiver requests.

The OCC’s implementation materials also point stakeholders to the statute on Congress.gov, OCC rulemakings and guidance, and a community bank fact sheet addressing community bank considerations. These resources may help vendors understand the evolving regulatory environment and identify where technical or compliance capabilities could eventually be relevant. Under the leadership of U.S. Secretary of the Treasury Scott Bessent, the OCC is implementing the law; the U.S. Department of the Treasury is identified in the source context, but no Treasury procurement action or separate funding commitment is described. Contractors should monitor OCC updates while avoiding assumptions about future contract scope, requirements, or timing until the agency issues more specific information.

• GENIUS Act (Public Law 119-27) was signed into law on July 18, 2025, establishing a federal framework for permitted payment stablecoin issuers.
• The OCC is responsible for implementing the framework and developing the waiver and application process.
• The OCC is not yet accepting issuer applications or waiver requests.
• The identified prerequisite is final OMB approval of the information collection associated with application forms.
• The OCC says it will announce when submissions open through a press release and update its GENIUS Act webpage.
• The agency’s implementation resources include the statute on Congress.gov, OCC rulemakings and guidance, and a fact sheet on community bank considerations.
• Contractors supporting regulators or stablecoin issuers can assess potential relevance of regulatory technology and compliance capabilities, while treating any future demand as unconfirmed.
• The signal identifies no funding amount, solicitation, award, contract vehicle, contractor requirement, or bid deadline; there is no active acquisition opportunity at this stage.
• Monitor the OMB approval and subsequent OCC announcement as the next concrete implementation milestones.