#USStablecoinBill On March 18, The Senata Banking, Housing and Urban Affairs Committee reported S. 919, the Guiding and Establishing National Innovation for U.S Stablecoins Act of 2025, or GENIUS Act. The bill would establish a regime to regulate stablecoins as describe below.

assets issued for payment or settlement (including as margin or collateral) and redeemable at a predetermined fixed amount (e.g., $1). Issuers would be required to hold at least one dollar of permitted reserves for every one dollar of stablecoins. The bill would limit permitted reserves to coins and currency, insured deposits held at banks and credit unions, short-dated Treasury bills, repurchase agreements ("repos") and reverse repos backed by Treasury bills, money market funds invested in certain of these assets, central bank reserves, and any other similar government-issued asset approved by regulators. Issuers would be restricted to using reserve assets for certain activities, including to redeem stablecoins and serve as collateral in repos and reverse repos. The bill would require federal and state regulators to issue tailored capital, liquidity, and risk management rules for federal and state stablecoin issuers, but it exempts stablecoin issuers from the regulatory capital standards applied to traditional banks.