As Trump prepares to sign the law, Consumer Reports' senior director monitoring digital marketplaces, Delicia Hand, told Ars that the group plans to work with other consumer advocates and the implementing regulator to try to close any gaps in the stablecoin legislation that would leave Americans vulnerable.

Stablecoin legislation is on the way to President Donald Trump’s desk, helped by a North Carolina Democrat among 102 crossing the aisle.

There would be a great irony if cryptocurrency — which was created in 2008 to provide an alternative to the mainstream financial system that had just failed — led to another economic crash. But that is what a handful of experts fear could happen now that Congress has passed the GENIUS Act, a major piece of crypto legislation.

President Trump is signing the country's first major legislation aimed at regulating cryptocurrency on Friday.

The GENIUS Act prompted Ripple and Circle to apply for U.S. bank charters as Congress cleared new stablecoin regulations.

“Crypto Week,” as it was dubbed by GOP leadership, culminated in a bipartisan 308-122 House vote approving the GENIUS Act, a bill setting standards for stablecoins, which passed the Senate in June and which President Donald Trump is expected to sign into law Friday.

The GENIUS Act gives stablecoins real legal backing, paving the way for instant payments, lower fees, and a safer digital dollar you can actually trust.

The third-largest bank in the US is signaling intentions to enhance its digital asset capabilities and offerings.