With the GENIUS Act now signed into law, banks and fintechs of all types are exploring stablecoin issuance and/or services. But relatively little attention has been paid to nonbank stablecoin issuance. This is largely due to the common perception that nonbanks have been shut out of the issuance race — during the GENIUS debate, strong arguments were presented against allowing social media platforms, for instance, to monetize their communities and harvest even more personal data. The scars of Facebook’s (now Meta’s) Libra project still run deep. Nevertheless, the GENIUS Act does allow nonbanks to issue stablecoins. They just have more hoops to jump through. One is to apply for and get approval from the Office of the Comptroller of the Currency, or OCC. Or, those willing to stay within a $10 billion market capitalization limit can apply for a charter from a state regulator whose regime has been given federal approval. Public companies have an additional requirement. They will need to apply for and get unanimous consent from the Stablecoin Certification Review Committee, or SCRC. This is an oversight body composed of the chair of the Federal Reserve (or the vice chair for supervision); the chair of the Federal Deposit Insurance Corporation, or FDIC; and the secretary of the Treasury. The Fed and the FDIC have a reputation for being hostile toward crypto innovation, so permission may not be easy to get, but the regulatory mood is changing, as are the people at the head of those institutions.