In 2023, the United States made significant strides in stablecoin regulation. On March 13, local time, the U.S. Senate Banking Committee passed the 'Guidance and Establishment of the American Stablecoin National Innovation Act' (the 'GENIUS Act') with a vote of 18 to 6, marking an important step towards legal enactment. This act will regulate stablecoin issuers at the federal level in the United States. The legislation focuses on payment stablecoins, aiming to create a clear regulatory framework that ensures transparency, accountability, and consumer rights, while promoting their standardized application in the digital economy.

The act clearly defines payment stablecoins, which must be denominated in national currency, with issuers committing to redeem at a fixed amount, and not classified as national currency or securities of investment companies. Issuer eligibility is strictly limited to approved insured deposit institution subsidiaries and federally or state-certified non-bank payment stablecoin issuers. Issuers must hold 100% reserve assets, which include U.S. dollars in cash, deposits at Federal Reserve Banks, and short-term U.S. Treasury securities. Monthly reserve composition reports must be published and audited by an independent accounting firm, with written certification from the CEO and CFO. In terms of custody, only federally or state-regulated financial institutions may provide services, with client assets prioritized and prohibited from being included in the issuer's balance sheet. Regulatory violations will face penalties including disqualification, cease and desist orders, civil fines, and even criminal penalties.