As of July 20, 2025, the United States has made significant progress in regulating stablecoins with the passage of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), which became the first federal law in this area. This law, approved by Congress and signed by President Donald Trump, establishes a clear regulatory framework for stablecoins—cryptocurrencies pegged to stable assets such as the US dollar.
The law requires stablecoin issuers to back tokens at a 1:1 ratio with high-quality assets, such as US Treasury bonds, and to publish reserve data monthly. It also mandates issuers to comply with anti-money laundering laws, including customer identification and transaction monitoring. Banks and financial institutions have been granted the right to legally issue their own stablecoins, which could weaken the Federal Reserve's monopoly on digital payments.
Experts believe that the GENIUS Act will promote innovation in the field of instant transfers and strengthen the dollar's position as the world's reserve currency. However, critics, including Democrats, express concerns about risks to financial stability and potential conflicts of interest related to Trump's crypto ventures. The law also restricts foreign issuers, requiring them to comply with American standards.
This step reflects a global trend towards regulating stablecoins, as seen in the EU with MiCA. Despite the support of the industry, which has invested hundreds of millions of dollars in promoting pro-crypto candidates, the future of the law will depend on its implementation and adaptation to the evolving challenges of the market.
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