In 2022, the United States made significant strides 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 step toward the law. This act will regulate U.S. stablecoin issuers at the federal level. The act focuses on payment stablecoins, aiming to establish a clear regulatory framework to ensure transparency, accountability, and consumer rights, promoting their standardized application in the digital economy.

The act clearly defines payment stablecoins, which must be denominated in national currency, with issuers committing to redeem at a fixed amount, and not classified as national currency or securities of investment companies. The eligibility for issuance 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. 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 the federal or state government may provide services, with client assets prioritized and prohibited from being included in the issuer's balance sheet. Regulatory violations will face suspension of eligibility, cease and desist orders, civil fines, or even criminal penalties.