Requires that only permitted, approved issuers may issue dollar-pegged payment stablecoins in the United States, and sets reserve, redemption, disclosure, and oversight rules for those issuers.

• Bars anyone other than a permitted issuer from issuing payment stablecoins in the United States, and bars custodial intermediaries from offering or selling non-permitted stablecoins after an 18-month period
• Requires issuers to hold reserves of at least 1 to 1 in cash, insured deposits, short-term Treasury bills, or money market funds, publish monthly reserve reports, and prohibits paying interest or yield to holders
• Allows state regulators to certify regimes that meet federal standards, and assigns oversight of approved subsidiaries and nonbank issuers to the Comptroller of the Currency, the Federal Reserve, the FDIC, or the NCUA
• States that payment stablecoins are not backed by the U.S. government or federally insured, and bans representing them as such

• Financial Services Committee (House)

Finance and Financial Sector