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 United States 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 establish a clear regulatory framework to ensure transparency, accountability, and consumer rights, promoting their regulated use in the digital economy. The act clearly defines payment stablecoins, requiring them to be denominated in national currency, with issuers committed to redeeming at a fixed amount, and not classified as national currency or securities of investment companies. Issuance eligibility is strictly limited to approved insured deposit institution subsidiaries and federally or state-certified non-bank payment stablecoin issuers. Issuers must hold