In 2023, the United States took significant steps in the regulation of stablecoins. 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 towards becoming law. This legislation will regulate U.S. stablecoin issuers at the federal level. The bill focuses on payment stablecoins, aiming to construct 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 stablecoins, which must be denominated in national currency, with issuers committing to exchange at a fixed amount, and not classified as national currency or investment company securities. Eligibility for issuance is strictly limited to approved subsidiaries of insured depository institutions and federally or state-certified non-bank payment stablecoin issuers. Issuers must hold 100% reserve assets, covering U.S. dollar cash, deposits at Federal Reserve banks, short-term U.S. Treasury securities, and more. They must publish monthly reserve composition reports, which are to be 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, prioritizing client assets and prohibiting their inclusion on the issuer's balance sheet. Regulatory violations will face penalties including suspension of eligibility, cease-and-desist orders, civil fines, or even criminal penalties.