STABLE Act of 2025
STABLE Act of 2025
Plain Language Summary
# STABLE Act of 2025 - Plain Language Summary **What the Bill Does:** The STABLE Act would create new federal rules for "stablecoins"—a type of digital currency designed to maintain a fixed value, typically pegged to the U.S. dollar. Currently, stablecoins operate with minimal regulation. This bill would require that only certain approved entities can issue stablecoins in the U.S., and those issuers would need to maintain dollar-for-dollar reserves backing every stablecoin in circulation. Companies would also have to publicly disclose their redemption policies and submit to regular federal or state oversight. **Who It Affects:** This legislation primarily impacts cryptocurrency companies that issue stablecoins, financial institutions considering entering the stablecoin market, and cryptocurrency users who rely on these digital assets for transactions.
Only subsidiaries of banks, federally-approved nonbank payment companies, or state-approved issuers would be permitted to operate—effectively limiting who can participate in this market. Consumers using stablecoins would theoretically gain more consumer protections and transparency. **Current Status:** HR 2392 was introduced by Rep. Bryan Steil (R-WI) and is currently in committee, meaning it has not yet been debated or voted on by the full House. The bill has not advanced to a vote as of the latest information available.
CRS Official Summary
Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 or the STABLE Act of 2025This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value).Under the bill, only permitted issuers may issue a payment stablecoin in the United States, subject to certain exceptions. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. A state regulator must certify that the state regulatory regime meets or exceeds federal requirements as established by the bill. Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves.The bill specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers.The bill places a two-year moratorium on new endogenously collateralized stablecoins (i.e., stablecoins that rely on the value of another digital asset created or maintained by the same originator to maintain the fixed price).Under the bill, permitted payment stablecoins are not considered securities under securities law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.
Latest Action
Placed on the Union Calendar, Calendar No. 68.