In the United States, intensive work is underway on a bill known as the US Stablecoin Bill, formally called the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025). Its aim is to regulate the stablecoin market. The proposal stipulates that only licensed banks and other approved institutions will be allowed to issue stablecoins, provided they maintain full backing in safe reserves.

The act explicitly excludes payment stablecoins from the definition of securities, which limits SEC oversight and increases regulatory transparency.