GENIUS Act of 2025

This bill sets clear rules for payment stablecoins—digital tokens meant to keep a steady, one-to-one value, like a dollar. It says only approved companies can issue these coins for people in the U.S. These issuers must be closely supervised, keep enough safe assets to fully back every coin, and tell the public how redemptions work and what’s in their reserves each month .

Issuers can be tied to a bank, or be approved at the federal or state level. State oversight is allowed only for smaller issuers with $10 billion or less in coins. The bill also sets rules for not reusing customer reserves, for safekeeping services, and for strong supervision of federally approved issuers. Foreign issuers can serve U.S. customers if they can follow U.S. legal orders, and Treasury may make agreements with other countries. These stablecoins would not be treated as securities, but issuers must follow anti–money laundering laws under the Bank Secrecy Act .

• Who is affected: Stablecoin issuers, users of payment stablecoins in the U.S., and companies offering safekeeping services .
• What changes: Only permitted issuers can operate; they must hold one-to-one reserves, publish monthly reports, follow clear redemption policies, and comply with anti–money laundering rules. Stablecoins covered here are not treated as securities. State oversight is limited to smaller issuers (≤ $10B) .
• Cross-border access: Foreign issuers may participate if they can comply with U.S. orders, with Treasury setting up reciprocal arrangements with similar jurisdictions .