Q1) The new U.S. stablecoin law, the GENIUS Act, essentially sets rules for issuing U.S. dollar stablecoins in a safer, regulated way. Only banks and licensed nonbank financial institutions can issue them. Every stablecoin must be backed 1:1 with safe, liquid assets—cash or U.S. Treasury bills—so each digital dollar always has real dollars behind it. The law also adds basic guardrails: issuers are overseen by regulators, must follow KYC/AML rules, and cannot pay yields to token holders. Compared to before, stablecoins were largely unregulated, which meant issuers could operate without full transparency or strict backing, creating risk for users. Q2) Legally, only banks or nonbank firms that receive a special license or charter can issue U.S. dollar stablecoins. A bank can do it directly, while a nonbank must meet strict approval standards. A likely early issuer could be a well-established digital payments company that already has regulatory experience, such as Circle or a similar firm with stablecoin operations. Q3) "100% reserves" means that every stablecoin token is backed by an equivalent amount of safe assets—cash or Treasury bills. This ensures that any token can be redeemed for $1 at any time. Issuers must provide regular audits and disclosures so users can verify that reserves match outstanding tokens. This backing is what gives people confidence that a $1 stablecoin truly equals $1 in value.