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Financial companies from Bank of America ( BAC-N ) to Fiserv ( FI-N ) are preparing to launch their own dollar-backed crypto tokens now that a new U.S. law has established the first-ever rules for stablecoins, but experts warn the path forward could be anything but simple.

U.S. President Donald Trump on July 18 signed the GENIUS Act into law, setting federal rules and guidelines for cryptocurrency tokens pegged to the U.S. dollar known as stablecoins. This U.S. law, the first designed to facilitate crypto usage, could pave the way for the digital assets to become an everyday way to make payments and move money, experts said.

The use of stablecoins, designed to maintain a consta

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