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 beginning for the bill's journey towards becoming law. This legislation will regulate stablecoin issuers at the federal level. The bill focuses on payment stablecoins and aims to create a clear regulatory framework that ensures transparency, accountability, and consumer rights, promoting their regulated use in the digital economy. The bill explicitly defines payment stablecoins as needing to be denominated in national currency, with issuers committing to redeem at a fixed amount, and not being classified as national currency or securities issued by investment companies. Issuance qualifications are 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, Federal Reserve Bank deposits, short-term U.S. Treasury securities, and more. They are required to publish monthly reserve composition reports audited by an independent accounting firm, with written certification from the CEO and CFO. In terms of custodianship, only financial institutions regulated by federal or state authorities may provide services, prioritizing customer assets and prohibiting their inclusion in the issuer's balance sheet. Regulatory violations may result in disqualification, cease and desist orders, civil fines, or even criminal penalties.