On March 13, 2023, the United States took an important step in stablecoin regulation. The U.S. Senate Banking Committee passed the "Guidance and Establishment of a National Stablecoin Innovation Act" (the "GENIUS Act") with a vote of 18 to 6, marking a significant beginning for the bill toward becoming law. This bill will regulate U.S. stablecoin issuers at the federal level. The legislation focuses on payment stablecoins, aiming to create a clear regulatory framework to ensure transparency, accountability, and consumer protection, promoting their regulated application in the digital economy.