The Stablecoin Transparency and
Accountability for a Better Ledger Economy
(STABLE) Act of 2025: An Overview
Updated April 16, 2025
On April 2, 2025, the House Financial Services Committee ordered to be reported an amendment in the
nature of a substitute to H.R. 2392, the Stablecoin Transparency and Accountability for a Better Ledger
Economy (STABLE) Act of 2025. The bill would establish a regulatory framework for stablecoins, as
described below.
Requirements for Issuing Payment Stablecoins
The bill would define payment stablecoins as digital assets issued for payment that are redeemable at a
predetermined fixed amount (e.g., $1) that hold assets in reserve that can be liquidated only to redeem the
stablecoins. For dollar-denominated stablecoins, the bill would require issuers to hold at least one dollar
of permitted reserve assets for every dollar worth of stablecoins outstanding/issued. The bill would limit
permitted reserves to currency, central bank reserves, insured funds held at banks and credit unions
(including foreign banks), short-dated Treasury bills, repurchase agreements (“repos”) and reverse repos
backed by Treasury bills, and money market funds invested in certain of these assets. In addition to
limiting reserves to safe assets, the bill would require relevant regulators to jointly issue tailored capital,
liquidity, and risk management rules for both federal and state stablecoin issuers but would exempt
stablecoin issuers from the regulatory capital standards applied to traditional banks.
Only firms licensed under this regime would be able to issue stablecoins in the United States. Within 18
months of its enactment, the bill would prohibit a “custodial intermediary” (i.e., an exchange) from
selling stablecoins not licensed in the United States unless the issuer is regulated by a jurisdiction with a
regulatory regime Treasury deems comparable to that of the United States.
Issuers would be required to establish and disclose stablecoin redemption procedures and to report
monthly on outstanding stablecoins and reserve composition. The bill would require that these reports be
“examined”—as opposed to audited—by registered public accounting firms, and it would require that
issuers’ executives certify the reports, subject to criminal penalty for knowingly publishing false
certifications.
