#GENIUS稳定币法案 "GENIUS Act" refers to the "2025 U.S. Stablecoin Guide and Innovation Act." Proposed on February 4, passed by the Senate on May 20. It establishes a regulatory framework for payment stablecoins, clearly defining them as digital assets pegged to fixed currencies and used for payment settlement, subject to bank-like regulation. Issuers are required to maintain a 1:1 reserve of short-term U.S. Treasury securities or cash, obtain federal or state approval, and undergo strict regulatory audits. Regulation is divided by scale among the Federal Reserve, OCC, or state-level regulators. The act could promote a nearly tenfold increase in the supply of stablecoins over four years.