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On April 2nd, the U.S. Department of the Treasury issued the first proposed rulemaking notice (NPRM) for the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (GENIUS Act), seeking public feedback on the criteria for determining the applicability of state-level regulatory frameworks for small stablecoin issuers. The proposal aims to clarify that stablecoin issuers with an issuance scale of less than $10 billion can choose to be regulated by the state regulatory system rather than the comprehensive federal regulatory system when the state regulatory system is "substantially similar" to the federal framework. The public will have a 60-day feedback period after the rule is published in the Federal Register. The Treasury Department stated that the rule will establish general principles for determining whether state-level regulation meets federal standards. Currently, major U.S. banking regulatory agencies including the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) are also gradually issuing relevant draft rules to advance the stablecoin regulatory framework. At the same time, the issue of interest-bearing stablecoins is still not covered by the GENIUS Act, and this has become a major obstacle for Congress in advancing broader legislation on the structure of the cryptocurrency market.