GENIUS Act of 2025

This bill creates rules for "payment stablecoins," which are digital currencies designed to always be worth a fixed amount of money. Under the bill, only approved issuers — such as certain banks or specially qualified companies — can offer these stablecoins in the United States, and they must keep enough real U.S. dollars or similar assets in reserve to fully back every stablecoin they issue. Issuers must publicly share how people can cash out their stablecoins and report details about their reserves every month, and if an issuer goes bankrupt, the people who hold its stablecoins get paid back before other creditors. The bill also says these stablecoins are not treated as securities under existing investment laws, requires issuers to follow anti-money laundering rules, and directs the Federal Reserve to work with other countries that have similar stablecoin regulations.

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