In 2023, the United States took significant steps 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 beginning for the legislation. This act will regulate U.S. stablecoin issuers at the federal level. The legislation focuses on payment stablecoins, aiming to build 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 redeem at a fixed amount, and that they do not fall under national currency or investment company securities. Issuance eligibility is strictly limited to approved depository institutions' 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, etc. Monthly reserve composition reports must be published and 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 may provide services, with client assets prioritized and prohibited from being included in the issuer's balance sheet. Regulatory violations will face consequences such as suspension of eligibility, cease and desist orders, civil fines, and even criminal penalties.