Author: KarenZ, Foresight News
This week, Bryan Steil, Chairman of the U.S. Digital Assets Subcommittee, and French Hill, Chairman of the House Financial Services Committee, officially introduced the draft of the "STABLE Act of 2025," establishing a framework for the issuance and operation of payment stablecoins in the United States. French Hill stated, "This bill is the result of months of collaboration between this and the previous Congress with stakeholders and members."
This article provides a comprehensive understanding of the bill's purpose, relevant requirements for issuers and custodians, and regulatory compliance matters through 15 common questions and their answers.
Who proposed it? What is its purpose?
Who proposed the bill?
The draft bill, also known as the "2025 Stablecoin Transparency and Accountability Promotion Act," was introduced by Representatives Bryan Steil and French Hill. Bryan Steil is the Chairman of the House Administration Committee and also the Chairman of the House Financial Services Committee's Crypto Subcommittee. French Hill is the newly appointed Chairman of the House Financial Services Committee.
What type of stablecoins is primarily regulated?
The bill aims to ensure the transparency and accountability of payment stablecoins through a regulatory framework, overseeing the issuance and circulation of payment stablecoins, protecting consumers, ensuring financial stability, preventing illegal financial activities, and promoting the use of stablecoins in a better ledger economy.
What is a Payment Stablecoin?
The bill defines a payment stablecoin as:
A digital asset intended to be used as a means of payment or settlement.
Priced in national currency.
The issuer is obligated to redeem, buy back, or exchange at a fixed monetary value.
Not a national currency and not a security issued by an investment company.
Issuance of Stablecoins
Who is allowed to issue payment stablecoins?
Only "Permitted Payment Stablecoin Issuers" can issue stablecoins, including:
Approved insurance deposit institution subsidiaries.
Federally certified non-bank payment stablecoin issuers.
State-certified payment stablecoin issuers.
What are the core requirements for issuing payment stablecoins?
Reserve Requirements: Issuers must hold reserve assets equal to at least 100% of the total outstanding stablecoins (1:1 backing), primarily including U.S. dollar cash, Federal Reserve Bank deposits, demand deposits at insured depository institutions, short-term U.S. Treasury securities (maturing within 93 days), specific overnight repurchase agreements, and money market funds investing in the above assets.
Redemption Policy: Publicly disclose the redemption policy and establish procedures for timely redemptions.
Transparency: Publish a monthly report on reserve composition, audited by an independent registered accounting firm, with written attestations from the CEO and CFO.
Consequences of false certification:
Intentional Violations: Up to 20 years imprisonment + $5 million fine;
Negligent Violations: Up to 10 years imprisonment + $1 million fine.
Capital and Risk Management: Comply with capital, liquidity, and risk management requirements (including operational, compliance, IT, cybersecurity) set by the primary federal payment stablecoin regulatory agency.
Business Restrictions: Primarily limited to issuing, redeeming stablecoins, managing related reserves, and providing custodial support activities.
Prohibition on Interest Payments: No interest or returns may be paid to stablecoin holders.
Custody
What are the qualification requirements for custodial institutions?
Only financial institutions (such as banks and trust companies) that are federally or state-regulated and meet relevant standards can provide custodial services.
What are the custody requirements in the bill?
Customer assets must be segregated, and commingling with the institution's own funds is prohibited.
Customer assets take precedence over the issuer's creditors.
Customer assets must not be included in the institution's balance sheet.
Regularly submit descriptions of custodial operations to regulatory agencies.
Regulation and Compliance
Who is responsible for regulating stablecoin issuers?
The primary federal payment stablecoin regulatory agencies are the Office of the Comptroller of the Currency (OCC), the U.S. Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA). Specifically:
For insured depository institutions (non-credit unions) and their subsidiaries: the appropriate federal banking agency.
For insured credit unions and their subsidiaries: the National Credit Union Administration.
For federally certified non-bank payment stablecoin issuers: the Office of the Comptroller of the Currency.
How can states establish their own stablecoin regulatory systems?
State-qualified payment stablecoin issuers can only issue payment stablecoins under the regulation of the relevant state payment stablecoin regulatory agency. State regulators can submit certifications to the U.S. Department of the Treasury, demonstrating that their regulatory system meets or exceeds federal standards.
What provisions are there for foreign stablecoin issuers?
The bill allows foreign payment stablecoins to circulate in the U.S. but must meet strict conditions: the regulatory system must be comparable to that of the U.S., and the issuer must agree to comply with reporting and inspection requirements set by U.S. regulatory agencies. The Secretary of the Treasury is responsible for assessing and coordinating international cooperation and publicly updating the list of qualifying countries.
If the issuer is a non-bank entity, it will be determined by the Office of the Comptroller of the Currency; if the issuer is a banking institution or its subsidiary, it will be determined by the U.S. Federal Reserve.
What penalties will be imposed for violating the bill?
What penalties will payment stablecoin issuers face for violating the STABLE Act?
According to the "STABLE Act of 2025," if a stablecoin issuer (including permitted issuers and their affiliates) or an unauthorized issuer violates the provisions of the bill, they will face a series of severe penalties enforced by the relevant federal or state regulatory agencies:
1. Regulatory Enforcement Actions:
Suspension or Revocation of Issuance Authority: If the primary federal payment stablecoin regulatory agency determines that the issuer or its affiliates have seriously violated this act, it may prohibit the permitted issuer from continuing to issue payment stablecoins.
Cease and Desist Orders: If the primary federal payment stablecoin regulatory agency has reasonable grounds to believe that the issuer or its affiliates are violating, have violated, or are attempting to violate this act, regulations, orders, written agreements, or conditions, it may order them to cease and desist from such violations or practices and take affirmative action to correct the violations.
Removal and Prohibition from Participation: The primary federal payment stablecoin regulatory agency may remove the issuer's affiliates or prohibit them from further participation in the issuer's or all permitted issuers' affairs, provided it is determined that the affiliate has directly or indirectly violated or attempted to violate this act, regulations, or orders; or violated anti-money laundering laws under the U.S. Code.
2. Civil Penalties
Unauthorized Issuance: Any entity that issues payment stablecoins without approval (and any affiliates knowingly participating) will be subject to a civil penalty of up to $100,000 per day for each day the payment stablecoins remain outstanding.
First-Level Violations: For permitted issuers or their affiliates, if there is a substantial violation of this act, relevant regulations, orders, or written agreements/conditions, they will be subject to a civil penalty of up to $100,000 per day.
Second-Level Violations: If a permitted issuer or its affiliates intentionally participate in violations of this act or relevant regulations/orders, in addition to possible first-level penalties, they may also face an additional civil penalty of up to $100,000 per day.
3. Criminal Penalties
False Certification: If the issuer's CEO or CFO submits a monthly reserve certification report containing significant false information, they will face criminal prosecution:
Knowing submission of false reports: fines up to $1 million, imprisonment up to 10 years, or both.
Willful submission of false reports: fines up to $5 million, imprisonment up to 20 years, or both.
False Claims of Insured Status: If there are false claims that stablecoins are backed by the U.S. government or insured by the FDIC/NCUA, prosecution will occur under existing laws.
Civil Penalties: Unauthorized issuance or violations of sale regulations, up to $100,000 per day; substantial violations up to $100,000 per day, with additional penalties for knowing violations.
Criminal Penalties: For false certifications regarding reserves, fines up to $5 million and imprisonment up to 20 years.
Regulatory Actions: Suspension or revocation of issuance licenses, issuance of cease and desist orders, removal of affiliates.
Misleading Penalties: Pursued under federal law for false insurance statements.
Emergency Measures: Issuance of temporary cease and desist orders in emergencies.
Others
Are payment stablecoins classified as securities?
The bill explicitly excludes payment stablecoins from the definition of "securities."
How will interoperability of stablecoins be ensured?
Federal regulatory agencies will assess and may establish standards in collaboration with organizations such as the National Institute of Standards and Technology (NIST) to promote compatibility and interoperability of payment stablecoins.
When will regulatory agencies issue implementation rules?
Within 180 days (approximately 6 months) after the bill takes effect, the primary federal payment stablecoin regulatory agencies must jointly issue rules implementing the requirements for the issuance of payment stablecoins.
When does the bill take effect?
For any non-permitted payment stablecoin issuer, the act of issuing payment stablecoins will be illegal from the date the bill is enacted.
For custodial intermediary institutions, providing or selling payment stablecoins not issued by a "permitted payment stablecoin issuer" will only be prohibited 2 years after the bill is enacted. This provides the market with a longer transition period to adapt.
The procedures for approving the issuance of stablecoins by insured depository institutions or non-bank entity subsidiaries will take effect on the earlier of the following two dates:
12 months after the bill is enacted;
120 days after the primary federal payment stablecoin regulatory agency issues final regulations implementing Section 5.
Regarding the "ban on endogenous collateral stablecoins," it will take effect immediately upon the bill's enactment and last for 2 years.
It is important to note that the draft bill has currently been submitted to the House Financial Services Committee, which will formally review and amend the bill next Wednesday (April 2), ultimately deciding whether to advance it to a full House vote and coordinate with the Senate version, before being sent to the President for signing after passing both chambers.
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