In 2023, the United States took important 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 beginning for the bill to become law. The bill will regulate U.S. stablecoin issuers at the federal level. This 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 bill clearly defines payment stablecoins, which must be denominated in national currency, with issuers promising to exchange at a fixed amount and not being classified as 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, covering U.S. dollar cash, Federal Reserve Bank deposits, short-term U.S. Treasury securities, etc. They must publish a reserve composition report monthly, which must be audited by an independent accounting firm, with written certification from the CEO and CFO. In terms of custody, only federally or state-regulated financial institutions may provide services, with customer assets prioritized and prohibited from being included in the issuer's balance sheet. Regulatory violations may face disqualification, cease-and-desist orders, civil fines, or even criminal penalties.