In 2023, the United States took important steps in the regulation of stablecoins. On March 13, local time, the U.S. Senate Banking Committee passed the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (the "GENIUS Act") with a vote of 18 to 6, marking a significant start for the bill towards becoming law. This bill will regulate U.S. stablecoin issuers at the federal level. The legislation focuses on payment stablecoins, aiming to create a clear regulatory framework that ensures transparency, accountability, and consumer rights, while promoting their proper application in the digital economy.

The bill clearly defines payment stablecoins, which must be denominated in national currency, with issuers promising to redeem at a fixed amount, and they do not fall under national currency or investment company securities. Issuance eligibility is strictly limited to approved insured deposit institution subsidiaries 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. Monthly reserve composition reports must be published and audited by an independent accounting firm, with written certification from the CEO and CFO. Regarding 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, or even criminal penalties.