On March 8, 2023, 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 the law. This legislation will regulate U.S. stablecoin issuers at the federal level. The bill focuses on payment stablecoins, aiming to create a clear regulatory framework to ensure transparency, accountability, and consumer rights, while promoting their regulated use in the digital economy.

The bill clearly defines payment stablecoins, which must be denominated in national currency, and the issuer commits to redeeming at a fixed amount, not classified as national currency or investment company securities. Issuance 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, covering U.S. dollar cash, Federal Reserve Bank deposits, and short-term U.S. Treasury securities. They are required to publish a monthly report on reserve composition, which must be audited by an independent accounting firm, with written certification from the CEO and CFO.