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 American 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. The legislation focuses on payment stablecoins, aiming to construct a clear regulatory framework to ensure transparency, accountability, and consumer rights, and to promote their regulated use in the digital economy.

The bill explicitly defines payment stablecoins, which must be denominated in national currency, with issuers committing to redeem at a fixed amount and not being classified as national currency or securities of investment companies. Issuance eligibility is strictly limited to approved subsidiary institutions of insured depository 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, 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 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 consequences such as suspension of eligibility, cease-and-desist orders, civil fines, and even criminal penalties.