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 towards becoming law. This legislation will regulate U.S. stablecoin issuers at the federal level. The bill focuses on payment stablecoins, aiming to build a clear regulatory framework that ensures transparency, accountability, and consumer rights, while promoting their standardized application in the digital economy.

The bill explicitly defines payment stablecoins, which must be denominated in national currency, with issuers committing to exchange at a fixed amount, and are not classified as national currency or securities of investment companies. Issuance qualifications are 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, and more. Monthly reserve composition reports must be published and audited by an independent accounting firm, with written certifications 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 on the issuer's balance sheet. Regulatory violations may result in suspension of eligibility, cease-and-desist orders, civil fines, or even criminal penalties.