A stablecoin is a claim on an issuer. US law (GENIUS Act, 18 Jul 2025) requires 1:1 reserves, monthly reserve disclosure, and that issuers can freeze, seize or burn tokens when legally required. Useful dollars, but not money without an issuer.
Glossary · deep dive
Stablecoin
A token whose issuer promises a fixed value, usually 1 US dollar, backed by reserves the issuer holds. The issuer can freeze or redeem it.