President Donald Trump has signed the GENIUS Act into law, setting new regulations for stablecoins, a type of cryptocurrency tied to assets like the U.S. dollar.

U.S. President Donald Trump on Friday signed a law to create a regulatory regime for U.S.-dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money.

President Donald Trump signed the first federal bill to regulate stablecoins, hailing it as a “giant step to cement American dominance of global finance and crypto technology” and delivering a major victory for the digital asset industry.