Companies plan stablecoins under new law

The GENIUS Act, signed into law in July by U.S. President Donald Trump, establishes federal guidelines for stablecoins – cryptocurrency tokens pegged to the U.S. dollar. Financial firms, including Bank of America and Citigroup, are exploring their own stablecoin options. However, experts caution that navigating compliance and technical challenges will be complex. The effective date of the law may take years, as regulators develop additional rules to address compliance and risk management. Stephen Aschettino, a partner at law firm Steptoe, observed: “The intended use is going to matter a lot.”