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Referred to the House Committee on Financial Services.
Introduced March 26, 2025 by Bryan Steil · Last progress March 26, 2025
Creates a national framework for issuing, holding, and using U.S. “payment stablecoins.” It requires issuers to be authorized, back coins 1:1 with safe assets, publish monthly reserve reports, follow strict redemption and custody rules, and accept strong federal and state supervision and enforcement. Custodians must keep customer assets separate and protected. Individuals who self‑custody using wallets are not affected.
It pauses new algorithmic (“endogenously collateralized”) stablecoins for two years, promotes technical standards and cross‑border interoperability, clarifies how payment stablecoins fit within securities laws, and sets clear roles for federal and state regulators. The bill also sets timelines for rulemaking and studies, including a Treasury report on non‑payment stablecoins.