STABLE Act of 2025

This bill sets national rules for “payment stablecoins,” digital coins meant to keep a steady value for everyday payments. Only approved issuers may create them. After 18 months, U.S. platforms that hold coins for customers may offer or sell only coins from approved issuers, with limited exceptions for foreign coins under comparable rules; this does not affect people using their own hardware or software wallets to hold their own coins . Issuers must hold one dollar in very safe assets for every coin, allow quick redemptions, and publish monthly reserve reports reviewed by an independent firm; they cannot pay interest or “yield” on the coins . Issuers must run anti-money-laundering programs, verify customers, keep records, and follow U.S. sanctions laws.

States can run their own stablecoin programs if they meet or exceed the federal standard, and state‑approved issuers can operate across state lines with notice; federal agencies have back‑up authority if a state fails to act and customers or financial stability are at risk . Companies that custody stablecoins must be supervised and keep customer coins and keys separate from company property. Stablecoins are not government‑insured, and issuers must say so clearly . There is a 2‑year pause on new “algorithmic” stablecoins that rely only on a related token from the same developer to hold their price, and the bill orders studies on other stablecoins and the broader impact of payment stablecoins. Regulators must also review rules so banks and credit unions can participate in custody without counting customer coins as their own liabilities or holding capital against them beyond operational risk.

• Who is affected

  • Stablecoin issuers (banks and nonbanks), platforms/custodians, state regulators, and people who use stablecoins .

• What changes

  • Only approved issuers can create payment stablecoins; platforms may list only approved coins after 18 months, with narrow foreign exceptions; self‑custody by individuals is not restricted by this platform rule.
  • Issuers must keep 1‑to‑1 reserves in cash, bank deposits, short‑term Treasuries or similar, allow timely redemptions, publish monthly reserve reports reviewed by an independent firm, and they cannot pay interest/yield .
  • Issuers must follow anti‑money‑laundering and sanctions rules and limit activities mainly to issuing and safeguarding stablecoins.
  • Custodians must be regulated and segregate customer assets; stablecoins are not FDIC‑ or NCUA‑insured and misrepresenting that is illegal; issuers must disclose this .
  • The bill includes amendments to clarify that payment stablecoins are not securities.

• When

  • Platform sales limits start after 18 months; many rules are due within 180 days, and a status update to Congress is due in 6 months. Some sections take effect the earlier of 12 months after enactment or 120 days after final regulations .
  • The 2‑year pause on certain algorithmic stablecoins begins at enactment; Treasury studies are due in 1 year.