The stablecoin bill — GENIUS Act — passed the Senate  68-30 with bipartisan support. 

Now back to the House for a vote and then stablecoin golden era will start.

Can someone give an eli5 on what will happen if this bill passes?

There's no way to eli5 how dollars work unfortunately.

BTW that video is great highly recommend watching it.

OK gun to my head eli35:

Banks can issue stablecoins and it will expand large big tech and banking payment networks.

There's no way to eli5 how dollars work unfortunately.

https://www.youtube.com/watch?v=7WoaijJUtFA

Founder, designer, & product guy at /basepaint and /eigenlayer

Not an expert maybe make sure someone who knows what they're talking about but AFIAK 

1. Creates regulatory clarity for US entities like banks and tech companies to issue a digital dollar.
2. Banks have stayed out bc of regulatory uncertainty which has given companies like Circle a head start.
  2.1 similar story re companies. Paypal was about to issue one when Biden admin clamp down made them gunshy.
3. Requires 1:1 backing with liquid assets (treasuries)
4. Audit, disclosure, registration requirements, (<= $10B circulating supply, state it's domiciled in, >$10B, registering with a federal agency I forget which).
5. No FDIC
6. Yield bearing stable coins not allowed