On June 17, 2025, the U.S. Senate passed the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (GENIUS Act) with a vote of 68 to 30, establishing a federal regulatory framework for dollar-pegged stablecoins for the first time. The bill requires issuers to hold high-quality liquid assets such as cash in U.S. dollars and short-term government bonds as a 1:1 reserve, and to publicly disclose reserve details monthly. Issuers with a market value exceeding $50 billion must accept federal regulation. The bill explicitly prohibits algorithmic stablecoins, prohibits payment stablecoins from providing yields, and exempts them from securities/commodity characteristics. This legislation fills a legal gap of over a decade in the stablecoin sector, reinforcing the dominance of the U.S. dollar in digital finance, with the next steps being submission to the House for review and presidential signing.