The U.S. Treasury has initiated an Advanced Notice of Proposed Rulemaking (ANPRM) to solicit public feedback on the implementation of the 2025 Genius Act, sparking renewed debate over stablecoin regulation. The ANPRM focuses on six critical areas, including issuer qualifications, reserve requirements, and restrictions on interest payments. This move is part of a broader effort to establish a cohesive regulatory framework, alongside the Genius and Stable Acts. In response to the evolving regulatory landscape, Tether has launched USAT, a stablecoin tailored for the U.S. market. The introduction of USAT highlights the industry's adaptation to new rules, particularly concerning indirect interest payments, which have faced opposition from traditional banks. As the U.S. seeks to maintain its leadership in the stablecoin sector, it contends with increasing competition from international players and the emergence of offshore RMB stablecoins.