HR2392-119

What This Bill Does

The STABLE Act of 2025 builds a detailed federal framework for dollar-denominated payment stablecoins. It bars anyone other than a permitted payment stablecoin issuer from issuing a U.S. payment stablecoin and, after a transition period, bars custodial intermediaries from offering stablecoins that were not issued by permitted issuers. Permitted issuers must keep at least 1-to-1 reserves in cash, demand deposits, insured-credit-union share drafts, short Treasury securities, repurchase agreements, central-bank reserves, or similarly approved foreign assets; publish monthly reserve reports; redeem stablecoins at par; and avoid pledging or rehypothecating reserves except under narrow liquidity-management rules. The bill gives approval, supervision, examination, and enforcement roles to the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and State payment-stablecoin regulators.

Who Benefits and How

Permitted payment stablecoin issuers benefit from a clear legal route to issue payment stablecoins once they satisfy application, reserve, redemption, and reporting standards. Depository institutions, national banks, Federal credit unions, State credit unions, and trust companies benefit because the bill confirms they may accept deposits, issue deposit-backed digital assets, use distributed ledgers for records and intrabank transfers, and provide custody services when otherwise allowed by law. Payment stablecoin holders benefit from reserve segregation, par redemption duties, monthly public reserve disclosures, customer-property protections, and a two-year moratorium on new endogenously collateralized stablecoins. Foreign issuers in comparable regulatory regimes benefit from a path to U.S. access if Treasury finds their home regime comparable and they consent to U.S. reporting and examination.

Who Bears the Burden and How

Unlicensed stablecoin issuers must leave the U.S. issuance market or obtain permitted status. Custodial stablecoin intermediaries must police whether offered stablecoins are issued by permitted issuers after the transition period. Permitted issuers must hold narrow reserve assets, file applications, publish monthly reserve certifications, comply with Bank Secrecy Act rules, submit reports, face examination, and maintain customer-property segregation. Federal and State payment-stablecoin regulators must review applications, share supervisory information, write rules, examine nonbank issuers, report rulemaking status to Congress, study non-payment stablecoins, and coordinate interoperability standards with the National Institute of Standards and Technology.

Key Provisions

• Bars non-permitted persons from issuing payment stablecoins in the United States and bars custodial intermediaries from offering non-permitted stablecoins after the transition period.
• Requires permitted issuers to maintain at least 1-to-1 reserves in specified high-quality liquid assets and publish monthly reserve disclosures.
• Establishes application review, supervision, examination, enforcement, reporting, and revocation procedures for bank-subsidiary and nonbank stablecoin issuers.
• Provides State qualified issuer supervision while preserving Federal backup authority and information sharing with Federal regulators.
• Requires custodians and safekeeping providers to segregate stablecoins, reserves, and private keys as customer property.
• Directs regulators to assess interoperability standards with NIST and pursue comparable-regime agreements with foreign jurisdictions.
• Prohibits new endogenously collateralized stablecoins for two years.
• Clarifies that permitted payment stablecoins are not securities under the Securities Act, Exchange Act, Investment Advisers Act, or Investment Company Act.