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H.R. 2392 House Finance and Financial Sector

STABLE Act of 2025

Introduced
Mar 26, 2025
Sponsor
Rep. Steil, Bryan (R-WI-1)
View on Congress.gov (opens in a new tab)

STAGE 3 OF 8 — CALENDARS AND SCHEDULING

Currently in the House. Last action: placed on the union calendar, calendar no. 68 on May 6, 2025.

  1. House Introduced in House Mar 26, 2025
  2. House Referred to the House Committee on Financial Services. Mar 26, 2025
  3. House Committee Consideration and Mark-up Session Held Apr 2, 2025
  4. House Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 17. Apr 2, 2025
  5. House Reported (Amended) by the Committee on Financial Services. H. Rept. 119-94. May 6, 2025
  6. House Placed on the Union Calendar, Calendar No. 68. May 6, 2025

Cosponsors

17

Subjects

Bank accounts, deposits, capitalBanking and financial institutions regulationCivil actions and liabilityComputer security and identity theftComputers and information technologyCongressional oversightConsumer affairsCurrencyDigital mediaFinancial services and investmentsFraud offenses and financial crimesGovernment studies and investigationsJudicial procedure and administrationSecuritiesState and local government operations

Committees

  • Financial Services Committee
    • [Reported By, May 6, 2025]
    • [Markup By, Apr 2, 2025]
    • [Referred To, Mar 26, 2025]

Summary

Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 or the STABLE Act of 2025

This 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.

[Summary as of: Introduced in House]

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