In July 2025, the U.S. Congress passed the Genius Act, which established the regulatory framework for payment stablecoins. The law defines what an authorized payment stablecoin issuer is and how it will be regulated. At a high level, a payment stablecoin is a digital asset that is designed to be used as a means of payment, and the issuer is subject to rules that are designed to keep the stablecoin at a stable value—one to one—relative to the U.S. dollar. Payment stablecoins must be backed by relatively safe assets with low exposure to credit or valuation risk, such as a deposit at a depository institution, short-term ... (full story)