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 the U.S. Stablecoin National Innovation Act" (the "GENIUS Act") with a vote of 18 to 6, marking an important step toward the law. This act will regulate U.S. stablecoin issuers at the federal level. The legislation focuses on payment stablecoins and aims to create a clear regulatory framework to ensure transparency, accountability, and consumer rights, promoting their standardized use in the digital economy.

The act clearly defines payment stablecoins, stating they must be denominated in national currency, with issuers committing to fixed exchange amounts, and not being classified as national currency or securities of investment companies. Issuance eligibility is strictly limited to approved insurance deposit institution subsidiaries, 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 are required to publish monthly reserve composition reports 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 can provide services, with customer 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.