#StablecoinLaw New cryptocurrency under U.S. guarantees

A stablecoin is a type of cryptocurrency whose value is tied to the value of a stable asset. In the U.S., this will be the dollar or short-term Treasury bonds. Issuers of stablecoins are required to publicly disclose the composition of their reserves on a monthly basis.

"GENIUS will lead to increased demand for U.S. government debt and strengthen the dollar's status as the world's reserve currency," the White House stated. They added that the new law "will make America the undisputed leader in digital assets," creating "the first-ever federal regulatory system for stablecoins."

"The GENIUS Act creates a clear and simple regulatory framework for the creation and implementation of the enormous potential of dollar-backed stablecoins," Trump said after signing. "This could be perhaps the greatest revolution in financial technology since the advent of the internet."