#GENIUSActPass The GENIUS Act, passed by the U.S. Senate on June 17, 2025, establishes the first federal framework regulating payment stablecoins . It restricts issuance to licensed entities—such as bank subsidiaries, federally qualified non‑bank issuers, or state‑regulated firms—ensuring they maintain full 1:1 reserves in U.S. cash or liquid assets, with strict segregation, no rehypothecation, and monthly public disclosures . The Act prioritizes customer protection by safeguarding reserves during insolvency and prohibiting misleading marketing, while allowing state-level options under federal standards . It marks a significant step toward clarity and stability in the U.S. stablecoin ecosystem.