#美国稳定币法案

In 2025, the United States made significant strides 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 step toward making the bill law. This bill will regulate U.S. stablecoin issuers at the federal level. The bill focuses on payment stablecoins, aiming to establish a clear regulatory framework that ensures 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, with issuers committing to redemption at a fixed amount, and not classified as national currency or investment company securities. Eligibility for issuance is strictly limited to approved insurance deposit institution subsidiaries or federally or state-certified non-bank payment stablecoin issuers. Issuers must hold 100% reserve assets, covering dollar cash, Federal Reserve Bank deposits, short-term U.S. Treasury securities, etc. They are required to publish monthly reserve composition reports audited by an independent accounting firm, with written certifications from the CEO and CFO. In terms of custody, only financial institutions regulated at the federal or state level may provide services, with client assets prioritized and prohibited from being included in the issuer's balance sheet. Regulatory violations will face penalties such as suspension of eligibility, cease and desist orders, civil fines, or even criminal penalties.