STABLE Act: US Stablecoin Bill

H.R. 2392 would regulate “payment stablecoins,” generally defined in the reported text as digital assets designed for payment or settlement, denominated in a national currency, and tied to redemption or stable-value representations. The bill would limit U.S. issuance to “permitted payment stablecoin issuers,” including subsidiaries of insured depository institutions, federal-qualified nonbank payment stablecoin issuers, and state-qualified payment stablecoin issuers.

The proposal also addresses custodial intermediaries. After an 18-month post-enactment period, custodial intermediaries would generally be restricted from offering or selling payment stablecoins in the United States unless the stablecoin was issued by a permitted issuer, subject to exceptions for certain foreign issuers operating under comparable regulatory regimes. The text includes a wallet-related rule of construction for lawful self-custody transactions through software or hardware wallets.

• Reserve backing: permitted issuers would maintain reserves backing outstanding payment stablecoins on at least a one-to-one basis using eligible assets such as U.S. currency, demand deposits, short-term Treasury securities, overnight repurchase arrangements backed by short-term Treasuries, and certain money market fund shares.
• Redemption and reporting: issuers would publicly disclose redemption policies, establish procedures for timely redemption, and publish monthly reserve-composition reports on their websites.
• Certification and examination: an independent registered public accounting firm would examine monthly reserve-report information, and the issuer’s chief executive and chief financial officers would certify the prior month-end report. The bill specifies criminal penalties for knowing or willful false certifications.
• Federal-state structure: state-qualified issuers would operate under state regimes certified to meet or exceed federal standards, while federal-qualified nonbank issuers would be regulated and supervised by the Comptroller of the Currency.
• AML and sanctions: permitted issuers would be treated as financial institutions under the Bank Secrecy Act and would have tailored anti-money laundering, counter-terrorist-financing, recordkeeping, suspicious activity monitoring, customer identification, and sanctions-compliance obligations.

The reported bill would prohibit permitted payment stablecoin issuers from paying interest or yield to stablecoin holders. It would also require disclosures stating that payment stablecoins are not backed by the full faith and credit of the United States, guaranteed by the U.S. government, or covered by federal deposit or share insurance.

For securities-law treatment, H.R. 2392 would amend several federal securities statutes to state that a payment stablecoin issued by a permitted payment stablecoin issuer is not a security under those laws. The proposal would also create a two-year moratorium on new endogenously collateralized stablecoins, defined as assets that rely solely on another digital asset created or maintained by the same originator to maintain a fixed price.

Rep. Bryan Steil introduced H.R. 2392 on March 26, 2025, and the bill was referred to the House Committee on Financial Services. On April 2, 2025, the committee held a markup and ordered the bill reported amended by a 32-17 vote. On May 6, 2025, the bill was reported amended, assigned H. Rept. 119-94, committed to the Committee of the Whole House on the State of the Union, and placed on the Union Calendar as Calendar No. 68. Congress.gov did not list House passage, Senate passage, presentment, or enactment for H.R. 2392 as of the verification date.