What's next after the stablecoin law is signed

President Trump has signed into law the GENIUS Act, which will mean that many mainstream banks and fintechs will try to make stablecoins a part of everyday life in America soon.Why it matters: With clear legal guidelines for the killer app of blockchains, dollar-backed tokens, lots of companies are going to soon jump into the business.The big picture: There are two ways stablecoins might improve the bottomline of regular people.Savings. On exchanges like Coinbase and apps like Paypal, users can buy stablecoins with dollars and earn 4% interest on their money (for now). That blows away bank savings rates.Yes, but: While your deposits won't be lent out like banks do and are 100% reserve-backed, they don't have FDIC insurance.Shopping. Osama Bari, with the D24 Fintech Group, tells Axios that he's looking for instant rebates coming soon for stablecoin transactions. So a consumer might get an instant $2 back when they buy $100 watch. That's at least in part because retailers don't pay interchange fees when they get paid with stablecoins.What we're watching: Adoption. It can be tough to get people to use new payment systems if they are accustomed to another way and it alreadyworks pretty well.However, stablecoins might mean consumers will start getting a better deal.The bottom line: It remains to be seen how the traditional finance industry implements the law.Incumbents might push back hard before any of these kinds of perks become widespread.

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What's next after the stablecoin law is signed

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