On March 13, 2023, the U.S. Senate Banking Committee passed the "Guiding and Establishing the United States Stablecoin National Innovation Act" (the "GENIUS Act") with a vote of 18 to 6, marking an important step toward the law. This legislation will regulate U.S. stablecoin issuers at the federal level. The bill focuses on payment stablecoins, aiming to create a clear regulatory framework that ensures transparency, accountability, and consumer rights, promoting their standardized application in the digital economy.

The bill clearly defines payment stablecoins, requiring them to 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 insured depository institution subsidiaries and federally or state-certified non-bank payment stablecoin issuers. Issuers must hold 100% reserve assets, covering cash in U.S. dollars, deposits at Federal Reserve Banks, and short-term U.S. Treasury securities, among others. Monthly reserve composition reports must be published and audited by an independent accounting firm, with written certification from the CEO and CFO.