The law created a federal direction for payment stablecoins. Reserve quality and redemption rights are not narrow technical details; they are what make a payment stablecoin credible under pressure. A merchant needs settlement that fits its operating model. How the U.S. implements its regime will influence how other jurisdictions think about reserve standards, redemption, issuer supervision, and payment use cases. Payment stablecoins will matter if they can move from compliant instruments into usable financial rails.