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Email The Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the “GENIUS Act” or the “Act”) establishes a legal framework for defining, issuing, custodying and managing a specific kind of digital asset—“Payment Stablecoins” (“PSCs”). After months of deliberation, on July 17, 2025, Congress passed the GENIUS Act during the eponymous “crypto week” and, the day after, the President signed it into law. Relevant regulatory agencies are already drafting rules and regulations that will implement various aspects of the Act. https://www.cadwalader.com/resources/clients-friends-memos/use-of-payment-stablecoins-as-margin-and-collateral-under-the-genius-act