In 2023, the United States made significant strides in stablecoin regulation. On March 13, local time, the U.S. Senate Banking Committee passed the "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins" (the "GENIUS Act") with a vote of 18 to 6, marking an important step towards the law. This act will regulate U.S. stablecoin issuers at the federal level. The act focuses on payment stablecoins and aims to build a clear regulatory framework that ensures transparency, accountability, and consumer rights, promoting their standardized application in the digital economy.

The act clearly defines payment stablecoins, which must be denominated in national currency, with issuers committing to redeem at a fixed amount and not being classified as national currency or investment company securities. Eligibility for issuance is strictly limited to approved subsidiary institutions of insured depository institutions, and federally or state-certified non-bank payment stablecoin issuers. Issuers must hold 100% reserve assets, including U.S. dollar cash, Federal Reserve Bank deposits, and short-term U.S. Treasury securities. They are required to publish a reserve composition report monthly, which must be audited by an independent accounting firm, and certified in writing by the CEO and CFO. In terms of custody, only federally or state-regulated financial institutions may provide services, with client assets prioritized and prohibited from being included in the issuer's balance sheet. Regulatory violations will face penalties such as suspension of eligibility, cease and desist orders, civil fines, and even criminal penalties.