HR 2392 ยท STABLE Act of 2025
Placed on the Union Calendar, Calendar No. 68.
- Introduced
- Mar 26, 2025
- Latest action
- May 6, 2025
- Sponsor
- Rep. Bryan Steil [R-WI-1]
- Policy area
- Finance and Financial Sector
- Cosponsors
- 17
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.
Recent actions
- May 6, 2025 Placed on the Union Calendar, Calendar No. 68.
- May 6, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-94.
- May 6, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-94.
- Apr 2, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 17.
- Apr 2, 2025 Committee Consideration and Mark-up Session Held
- Mar 26, 2025 Referred to the House Committee on Financial Services.
- Mar 26, 2025 Introduced in House
- Mar 26, 2025 Introduced in House
Votes
No recorded votes are available for this bill.