The #美国稳定币法案 Digital Currency Act: In 2025, the United States took significant steps in stablecoin regulation. 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 an important start for the bill's journey toward becoming law. This act 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, and promotes 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 classified as national currency or investment company securities. Eligibility for issuance is strictly limited to approved insurance 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. In terms of custody, only financial institutions regulated by federal or state authorities 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 and cease and desist orders.