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

The bill explicitly defines payment stablecoins as being denominated in national currency, with issuers committing to redeem at a fixed amount, and not being classified as national currency or investment company securities. Eligibility for issuance is strictly limited to approved insured deposit institution subsidiaries and federally or state-certified non-bank payment stablecoin issuers. Issuers must hold 100% reserve assets, including U.S. dollar cash, Federal Reserve Bank deposits, and short-term U.S. Treasury securities. Monthly reserve composition reports must be published and audited by independent accounting firms, with written certifications from the CEO and CFO. In terms of custody, only federally or state-regulated financial institutions may provide services, with customer assets prioritized and prohibited from being included on the issuer's balance sheet. Regulatory violations may result in disqualification, cease-and-desist orders, civil fines, or even criminal penalties.