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

The bill clearly defines payment stablecoins, which must be denominated in national currency, with issuers committing to redeem at a fixed amount, and it does not qualify as national currency or securities of investment companies. Issuance eligibility is strictly limited to approved subsidiaries of insured deposit institutions 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, and short-term U.S. Treasury securities, among others. They are required to publish monthly reserve composition reports audited by independent accounting firms, with written certification from the CEO and CFO. In terms of custody, only financial institutions regulated by federal or state authorities may provide services, with client assets prioritized and prohibited from being included in the issuer's balance sheet. Regulatory violations will face penalties such as suspension of eligibility, cease and desist orders, civil fines, and even criminal penalties.