In 2023, the United States made significant strides in stablecoin regulation. On March 13, the U.S. Senate Banking Committee passed the "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins" (the "GENIUS Act") with a vote of 18 to 6, marking an important step towards legal enactment of the bill. This legislation will regulate U.S. stablecoin issuers at the federal level. The bill focuses on payment stablecoins and aims to build a clear regulatory framework to ensure transparency, accountability, and consumer rights, promoting their proper use in the digital economy.

The bill clearly defines payment stablecoins, which must be denominated in national currency, with issuers committing to exchange for a fixed amount, and which do not belong to national currency or investment company securities. Issuance eligibility is strictly limited to approved subsidiaries of insured deposit institutions, federally or state-certified non-bank payment stablecoin issuers. Issuers must hold 100% reserve assets, covering cash in U.S. dollars, Federal Reserve Bank deposits, and short-term U.S. Treasury securities. They are required to publish a reserve composition report monthly, which must 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, with client assets prioritized and prohibited from being included on the issuer's balance sheet. Regulatory violations will face penalties such as disqualification, cease-and-desist orders, civil fines, and even criminal penalties.