#加密市场回调 Stablecoin Act In 2025, the United States took significant steps 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 beginning for the bill's journey to becoming law. This act will regulate U.S. stablecoin issuers at the federal level. The legislation focuses on payment-type stablecoins, aiming to build a clear regulatory framework that ensures transparency, accountability, and consumer rights, while promoting their standardized application in the digital economy.

The bill clearly defines payment-type stablecoins, requiring them to be denominated in national currency, with issuers promising to redeem at a fixed amount, and not being classified as national currency or securities of investment companies. Eligibility for issuance is strictly limited to approved subsidiaries of insured deposit institutions and federally or state-certified non-bank payment-type stablecoin issuers. Issuers must maintain 100% reserve assets, which include U.S. dollar cash, deposits at Federal Reserve Banks, and short-term U.S. Treasury securities. They are required to publish monthly reserve composition reports, which must be audited by an independent accounting firm, with written certification from the CEO and CFO. In terms of custodianship, only financial institutions regulated at the federal or state level 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 and cessation orders.