On July 18, 2025, President Trump signed into law The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. Stablecoins, a form of cryptocurrency backed by either US dollars or short-term US Treasuries, can be used on encrypted blockchains to purchase goods and services. Unlike other types of cryptocurrencies whose value can fluctuate based on supply and demand drivers, the value of a stablecoin is pegged to the US dollar. The GENIUS Act is designed to ensure transparency in the issuance, regulation, and collateralization of stablecoin issuers and their stablecoins. While originally designed as a form of payment for cryptocurrency trading, stablecoins are now being proposed as a potential innovation for the official global payment system.