HR 2392 · 119th Congress · Finance and Financial Sector

STABLE Act of 2025

Introduced March 26, 2025 Latest action May 06, 2025 17 cosponsors

Sponsor

Latest action

Placed on the Union Calendar, Calendar No. 68.

Action timeline

Every recorded action on this bill, newest first. Stage badges color-code the legislative path.

May 06, 2025

committee Reported (Amended) by the Committee on Financial Services. H. Rept. 119-94.

Financial Services Committee

May 06, 2025

other Placed on the Union Calendar, Calendar No. 68.

Apr 02, 2025

committee Committee Consideration and Mark-up Session Held

Financial Services Committee

Apr 02, 2025

committee Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 17.

Financial Services Committee

Mar 26, 2025

introduced Introduced in House

Text versions

Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.

May 06, 2025 Reported in House

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Mar 26, 2025 Introduced in House

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CRS summaries

Plain-English summaries written by the Congressional Research Service — neutral, nonpartisan staff who summarize bills as they advance through stages. The authoritative description of what each version of the bill does.

00 Introduced in House Mar 26, 2025

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.

via Congressional Research Service · published through congress.gov

Changelog

ⓘ

How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.

`ih` / `is` — Introduced in House / Senate. First filed version.

`rfh` / `rfs` — Referred to a committee for review.

`rh` / `rs` — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).

`pcs` / `pch` — Placed on Calendar for floor consideration.

`eh` / `es` — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.

`rdh` / `rds` — Received by the other chamber.

`eah` / `eas` — Engrossed Amendment. The other chamber passed an amended version.

`ath` / `ats` — Agreed to. Both chambers settled on the same text.

`enr` — Enrolled. Final reconciled text, sent to the President.

`pl` — Public Law. Signed by the President. It's now law.

`pp` — Public Print. Official printing post-enactment.

Most bills die before `eh`/`es`. Going from `pcs` → `enr` is the full path through both chambers.

Line-level diff between text versions of this bill — what actually changed at each legislative stage.

+188 −84 196 unchanged

--- Introduced (House)

+++ Reported (House)

@@ -1,11 +1,14 @@

[From the U.S. Government Publishing Office]

-[H.R. 2392 Introduced in House (IH)]

+[H.R. 2392 Reported in House (RH)]

<DOC>

+Union Calendar No. 68

119th CONGRESS

1st Session

H. R. 2392

+[Report No. 119-94]

To provide for the regulation of payment stablecoins, and for other

purposes.

@@ -21,6 +24,20 @@

Carolina, Mr. Downing, Mr. Haridopolos, Mr. Gottheimer, and Mr.

Liccardo) introduced the following bill; which was referred to the

Committee on Financial Services

+May 6, 2025

+Additional sponsors: Mr. Timmons, Mr. Lawler, Mr. Nunn of Iowa, Mr.

+Rose, Mr. Stutzman, and Mr. Thanedar

+May 6, 2025

+Reported with an amendment, committed to the Committee of the Whole

+House on the State of the Union, and ordered to be printed

+[Strike out all after the enacting clause and insert the part printed

+in italic]

+[For text of introduced bill, see copy of bill as introduced on March

+26, 2025]

_______________________________________________________________________

@@ -100,9 +117,9 @@

1752)); and

(B) does not include any agricultural or other

physical commodity (as defined in section 1a of the

-Commodity Exchange Act (7 U.S.C. 1a).

+Commodity Exchange Act (7 U.S.C. 1a)).

(13) National currency.--The term ``national currency''

-means a Federal Reserve note, (as the term is used in the first

+means a Federal Reserve note (as the term is used in the first

undesignated paragraph of section 16 of the Federal Reserve Act

(12 U.S.C. 411)), money standing to the credit of an account

with a Federal reserve bank, money issued by a central bank,

@@ -236,7 +253,7 @@

Federal Regulations, with respect to which the insured

credit union has an ownership interest or to which the

insured credit union has extended a loan; and

-(C) any subsidiary of an insured credit union that

+(C) any subsidiary of the insured credit union that

is a State credit union.

SEC. 3. LIMITATION ON WHO MAY ISSUE A PAYMENT STABLECOIN.

@@ -245,7 +262,7 @@

other than a permitted payment stablecoin issuer to issue a payment

stablecoin in the United States.

(b) Limitation on Offering or Selling.--

-(1) In general.--After the end of the 2-year period

+(1) In general.--After the end of the 18-month period

beginning on the date of enactment of this Act, it shall be

unlawful for any custodial intermediary to offer or sell a

payment stablecoin in the United States unless the payment

@@ -330,11 +347,11 @@

institutions (including foreign branches and

agencies of insured depository institutions) or

approved foreign depository institutions (as

-defined in paragraph (5)(v)) or share drafts

-(or other deposits that may be withdrawn upon

-request at any time) at insured credit unions,

-subject to limitations established by the

-Corporation and the National Credit Union

+determined in paragraph (5)(A)(v)) or share

+drafts (or other deposits that may be withdrawn

+upon request at any time) at insured credit

+unions, subject to limitations established by

+the Corporation and the National Credit Union

Administration, respectively, to address safety

and soundness risks of such insured depository

institutions;

@@ -363,12 +380,12 @@

market stress; or

(v) securities issued by an investment

company under section 8(a) of the Investment

-Company Act of 1940 that operates as a money

-market fund in compliance with Rule 2a-7 under

-the Investment Company Act of 1940 (or any

-successor rule) and that are invested solely in

-the underlying assets described in clauses (i)

-through (iv) and (vi);

+Company Act of 1940 (15 U.S.C. 80a-8) that

+operates as a money market fund in compliance

+with Rule 2a-7 under the Investment Company Act

+of 1940 (or any successor rule) and that are

+invested solely in the underlying assets

+described in clauses (i) through (iv);

(B) publicly disclose the issuer's redemption

policy;

@@ -380,18 +397,13 @@

stablecoins issued by the issuer; and

(ii) the amount and composition of the

reserves described under subparagraph (A).

-(2) Eligibility.--The requirements to maintain reserves

-under paragraph (1)(A) may not be construed as expanding or

-contracting eligibility to qualify as a depository institution

-under section 19(b)(1)(A) of the Federal Reserve Act (12 U.S.C.

-461(b)(1)(A)).

+(2) Eligibility.--Nothing in this Act shall be construed as

+expanding or contracting legal eligibility to make deposits, or

+hold an account, at a Federal reserve bank.

(3) Prohibition on rehypothecation.--Reserves described

under paragraph (1)(A) may not be pledged, rehypothecated, or

reused, except for the purpose of satisfying obligations

-associated with reserves described under paragraph (1)(A)(iv)

-if the permitted payment stablecoin issuer receives the prior

-approval of the primary Federal payment stablecoin regulator or

-the State payment stablecoin regulator.

+associated with reserves described under paragraph (1)(A)(iv).

(4) Monthly certification; examination of reports by

registered public accounting firm.--

(A) In general.--A permitted payment stablecoin

@@ -537,21 +549,56 @@

amount of regulatory capital in excess of the

capital that such permitted payment stablecoin

issuer must maintain under the capital

-requirements promulgated pursuant to paragraph

-(5)(A)(i).

+requirements promulgated pursuant to

+subparagraph (A)(i).

(iii) Rulemaking.--Not later than the date

the primary Federal payment stablecoin

regulators issue regulations to carry out this

section, each Federal banking agency, as

defined in section 3 of the Federal Deposit

Insurance Act (12 U.S.C. 1813), shall amend or

-otherwise modify any regulation described in

-clause (ii) so that it complies with such

-clause (ii).

-(6) Treatment under the bank secrecy act.--A permitted

-payment stablecoin issuer shall be treated as a financial

-institution for purposes of the Bank Secrecy Act.

-(7) Limitation on payment stablecoin activities.--A

+otherwise modify any rule described in clause

+(ii) so that it complies with such clause (ii).

+(6) Treatment under the bank secrecy act.--

+(A) In general.--A permitted payment stablecoin

+issuer shall be treated as a financial institution for

+purposes of the Bank Secrecy Act.

+(B) Regulations.--The Secretary of the Treasury,

+acting through the Director of the Financial Crimes

+Enforcement Network, and in consultation with the

+primary Federal payment stablecoin regulators, shall

+issue regulations to apply the Bank Secrecy Act to

+permitted payment stablecoin issuers that are tailored

+to the size and complexity of such issuers, including

+by requiring each permitted payment stablecoin issuer

+to--

+(i) establish and maintain an anti-money

+laundering and countering the financing of

+terrorism program, which shall include--

+(I) an appropriate risk assessment;

+(II) the development of internal

+policies, procedures, and controls;

+(III) the designation of a

+compliance officer;

+(IV) an ongoing employee training

+program; and

+(V) an independent audit function

+to test such program;

+(ii) retain appropriate records of payment

+stablecoin transactions;

+(iii) monitor and report suspicious

+activity, which may include use of appropriate

+distributed ledger analytics; and

+(iv) maintain an effective customer

+identification program to identify and verify

+initial holders of a payment stablecoin for the

+purposes of carrying out appropriate customer

+due diligence.

+(7) Compliance with sanctions.--A permitted payment

+stablecoin issuer shall comply with all laws and regulations

+related to United States sanctions administered by the Office

+of Foreign Assets Control.

+(8) Limitation on payment stablecoin activities.--A

permitted payment stablecoin issuer may only--

(A) issue payment stablecoins;

(B) redeem payment stablecoins;

@@ -568,14 +615,14 @@

(G) undertake such non-payment stablecoin

activities that are allowed by the primary Federal

payment stablecoin regulator.

-(8) Prohibition on yield.--A permitted payment stablecoin

+(9) Prohibition on yield.--A permitted payment stablecoin

issuer may not pay interest or yield to holders of its payment

stablecoins.

-(9) Regulation of federal qualified nonbank payment

+(10) Regulation of federal qualified nonbank payment

stablecoin issuers by the comptroller.--A Federal qualified

nonbank payment stablecoin issuer shall be regulated and

supervised exclusively by the Comptroller.

-(b) State-Level Regulatory Regimes.--

+(b) State-level Regulatory Regimes.--

(1) In general.--A State qualified payment stablecoin

issuer may only issue payment stablecoins pursuant to the

regulation of a State payment stablecoin regulator of a State

@@ -643,7 +690,7 @@

described in subsection (a).

(6) Regimes that are not substantially similar.--

(A) In general.--The Secretary of the Treasury may

-reject a certification under paragraph (3) or a

+reject a certification under paragraph (2) or a

certification with respect to which a State payment

stablecoin regulator has submitted an explanation of

material changes under paragraph (4), if the Secretary,

@@ -706,7 +753,7 @@

shall be final, except that the same shall be

subject to review by the Supreme Court upon

certiorari, as provided in section 1254 of

-title 28.

+title 28, United States Code.

(D) Right to resubmit.--A State payment stablecoin

regulator that has had a certification rejected under

this paragraph may resubmit a new certification under

@@ -736,16 +783,16 @@

stablecoins issued by such permitted payment stablecoin issuer

are not guaranteed by the United States Government, covered by

deposit insurance by the Federal Deposit Insurance Corporation,

-or by share insurance of the National Credit Union

+or covered by share insurance of the National Credit Union

Administration.

(4) Penalties.--Any person who violates this subsection may

be prosecuted to the fullest extent of the law, including, as

applicable, under--

(A) section 18(a)(4) of the Federal Deposit

-Insurance Act (relating to the prohibition on false

-advertising in connection with deposit insurance, the

-misuse of FDIC names, and misrepresentations of insured

-status);

+Insurance Act (12 U.S.C. 1828(a)(4); relating to the

+prohibition on false advertising in connection with

+deposit insurance, the misuse of FDIC names, and

+misrepresentations of insured status);

(B) section 709 of title 18, United States Code

(relating to false advertising or misuse of names to

indicate a Federal agency);

@@ -1204,7 +1251,7 @@

stablecoin regulator shall have supervisory, examination, and

enforcement authority over a State qualified payment stablecoin issuer

of such State.

-(b) Authority To Enter Into Agreements.--

+(b) Authority to Enter Into Agreements.--

(1) In general.--A State payment stablecoin regulator may

enter into a memorandum of understanding with the primary

Federal banking agency and Comptroller setting out the manner

@@ -1237,7 +1284,7 @@

stablecoin issuer that is not a State qualified payment stablecoin

issuer, issue orders and rules related to the requirements under

section 4 applicable to State qualified payment stablecoin issuers.

-(e) Back-Up Enforcement Authority.--

+(e) Back-up Enforcement Authority.--

(1) By the primary federal banking agency.--

(A) In general.--Subject to subparagraph (C), the

primary Federal banking agency may, after not less than

@@ -1258,8 +1305,8 @@

day period beginning on the date of enactment of this

Act, the primary Federal banking agencies shall issue

rules to set forth the standards that would be used by

-the primary Federal bank agencies to exercise the back-

-up authority under this paragraph.

+the primary Federal banking agencies to exercise the

+back-up authority under this paragraph.

for purposes of carrying out this paragraph, section

6(b) shall apply to a State qualified payment

@@ -1330,7 +1377,7 @@

(A) such State qualified payment stablecoin issuer

shall notify any State payment stablecoin regulator in

such host State of the issuer's intention to do

-business in the host State no less than 30 days before

+business in the host State not less than 30 days before

such issuer commences business in the host State and in

a manner prescribed by the host State's State payment

stablecoin regulator or State banking regulator if such

@@ -1364,9 +1411,10 @@

SEC. 8. CUSTOMER PROTECTION.

(a) In General.--A person may only engage in the business of

-providing custodial or safekeeping services for permitted payment

-stablecoins, reserves described in section 4(a)(1)(A), or private keys

-of permitted payment stablecoins, if the person--

+providing custodial or safekeeping services for payment stablecoins

+issued by permitted payment stablecoin issuers, reserves described in

+section 4(a)(1)(A), or private keys of payment stablecoins issued by

+permitted payment stablecoin issuers, if the person--

(1) is subject to--

(A) supervision or regulation by a primary Federal

payment stablecoin regulator or a primary financial

@@ -1406,17 +1454,19 @@

property of a customer shall be separately accounted for by a

person described in subsection (a) and shall not be commingled

with the funds of the person.

-(2) Customer priority.--The claims of a customer with

-respect to property of the customer shall have priority over

-the claims of a payment stablecoin issuer or any creditor of a

-payment stablecoin issuer unless the customer expressly

-consents otherwise.

+(2) Customer priority.--In any insolvency, claims against

+reserves of a payment stablecoin issuer from persons holding

+payment stablecoins issued by the payment stablecoin issuer

+shall have priority over all other claims, other than for

+administrative expenses, against the payment stablecoin issuer.

(3) Exception.--Notwithstanding paragraph (1)--

(A) the payment stablecoins, cash, and other

property of a customer may be commingled and deposited

in an omnibus account holding the payment stablecoins,

-cash, and other property of more than 1 customer at an

-insured depository institution or trust company;

+cash, and other property of more than 1 customer at a

+depository institution (as defined in section 3 of the

+Federal Deposit Insurance Act), trust company, Federal

+credit union, or State credit union;

(B) such share of the payment stablecoins, cash,

and other property of the customer that shall be

necessary to transfer, adjust, or settle a transaction

@@ -1424,7 +1474,7 @@

such purposes, including the payment of commissions,

taxes, storage, and other charges lawfully accruing in

connection with the provision of services by a person

-described in subsection (a); and

+described in subsection (a);

the Board may prescribe by rule, regulation, or order,

any customer payment stablecoin, cash, and other

@@ -1433,7 +1483,11 @@

stablecoins, cash, and other property received by the

person and required by the Board to be separately

accounted for, treated, and dealt with as belonging to

-customers.

+customers; and

+(D) an insured depository institution that provides

+custodial or safekeeping services for payment

+stablecoin reserves shall be permitted to hold payment

+stablecoin reserves in the form of cash on deposit.

(d) Regulatory Information.--A person described under subsection

(a) shall submit to the primary Federal payment stablecoin regulator

(or, if the person does not have a primary Federal payment stablecoin

@@ -1450,11 +1504,11 @@

SEC. 9. RULE OF CONSTRUCTION.

-A digital asset shall not be construed to be a payment stablecoin,

+A digital asset shall not be construed to be a payment stablecoin

if it is--

-(1) redeemable by the issuer exclusively for other digital

-assets, provided that such digital assets for which it is

-redeemable are not primarily--

+(1) redeemable exclusively for other digital assets,

+provided that such digital assets for which it is redeemable

+are not primarily--

(A) payment stablecoins; or

(B) representations of permissible reserves

described under section 4(a)(1)(A) or similar such

@@ -1471,11 +1525,12 @@

governments--

(1) shall assess compatibility and interoperability

standards for permitted payment stablecoin issuers; and

-(2) if necessary, may, pursuant to section 553 of title 5

-and in a manner consistent with the National Technology

-Transfer and Advancement Act of 1995 (Public Law 104-113),

-prescribe standards for payment stablecoin issuers to promote

-compatibility and interoperability.

+(2) if necessary, may, pursuant to section 553 of title 5,

+United States Code, and in a manner consistent with the

+National Technology Transfer and Advancement Act of 1995

+(Public Law 104-113), prescribe standards for payment

+stablecoin issuers to promote compatibility and

+interoperability.

(b) Agreements With Foreign Regulators.--The Secretary of the

Treasury shall seek to enter into agreements with foreign jurisdictions

with comparable payment stablecoin regulatory regimes to facilitate

@@ -1521,8 +1576,33 @@

(5) governance structure, including aspects of

decentralization;

(6) nature of public promotion and advertising; and

-(7) clarity and availability of consumer notices

+(7) clarity and availability of consumer notices and

disclosures.

+(c) Impact Study.--

+(1) In general.--The Secretary of the Treasury, in

+consultation with the Board, the Comptroller, the Corporation,

+the National Credit Union Administration, and the Securities

+and Exchange Commission, shall carry out a study on the impact

+of payment stablecoins.

+(2) Report.--Not later than 365 days after the date of

+enactment of this Act, the Secretary shall provide the

+Committee on Financial Services of the House of Representatives

+and the Committee on Banking, Housing, and Urban Affairs of the

+Senate a report containing all findings made in carrying out

+the study under paragraph (1), including an analysis of--

+(A) the impact of payment stablecoins on the cost

+of domestic and cross-border payments and remittances;

+(B) the role of payment stablecoins in providing

+access to a stable currency in the Global South;

+(C) the use of payment stablecoins by populations

+in the Global South to mitigate exposure to the effects

+of inflation;

+(D) the extent to which payment stablecoin adoption

+reinforces the role of the United States dollar as the

+world's reserve currency; and

+(E) the extent to which payment stablecoins may

+expand demand for United States Treasury securities and

+reduce the cost of United States Government borrowing.

SEC. 13. REPORT ON RULEMAKING STATUS.

@@ -1535,9 +1615,10 @@

SEC. 14. AUTHORITY OF BANKING INSTITUTIONS.

(a) Rule of Construction.--Nothing in this Act may be construed to

-limit the authority of a depository institution, Federal credit union,

-State credit union, or trust company to engage in activities

-permissible pursuant to applicable State and Federal law, including--

+limit the authority of a depository institution, national bank, Federal

+credit union, State credit union, or trust company to engage in

+activities permissible pursuant to applicable State and Federal law,

+including--

(1) accepting or receiving deposits and issuing digital

assets that represent deposits;

(2) utilizing a distributed ledger for the books and

@@ -1560,11 +1641,12 @@

(1) to include assets held in custody that are not owned by

the entity as a liability on the financial statement or balance

sheet of the entity, including payment stablecoin custody or

-safekeeping activities;

-(2) to hold additional regulatory capital against assets in

-custody or safekeeping, except as necessary to mitigate against

-operational risks inherent with the custody or safekeeping

-services, as determined by--

+safekeeping services;

+(2) to hold regulatory capital against assets, including

+reserves backing such assets described in section 4(a)(1)(A),

+in custody or safekeeping, except as necessary to mitigate

+against operational risks inherent with the custody or

+safekeeping services, as determined by--

(A) the appropriate Federal banking agency;

(B) the National Credit Union Administration (in

the case of a credit union);

@@ -1573,11 +1655,11 @@

1813)); or

(D) a State credit union supervisor (as defined in

section 6003 of the Anti-Money Laundering Act of 2020

-(31 U.S.C. 5311 note));

+(31 U.S.C. 5311 note)); and

(3) to recognize a liability for any obligations related to

-activities or services performed for digital assets that the

-entity does not own if that liability would exceed the expense

-recognized in the income statement as a result of the

+activities or services performed with respect to digital assets

+that the entity does not own if that liability would exceed the

+expense recognized in the income statement as a result of the

corresponding obligation.

(d) Depository Institution Defined.--In this section, the term

``depository institution'' has the meaning given that term in section 3

@@ -1620,4 +1702,26 @@

not include a payment stablecoin issued by a permitted payment

stablecoin issuer, as such terms are defined, respectively, in section

2 of the STABLE Act of 2025.''.

-<all>

+Union Calendar No. 68

+119th CONGRESS

+1st Session

+H. R. 2392

+[Report No. 119-94]

+_______________________________________________________________________

+A BILL

+To provide for the regulation of payment stablecoins, and for other

+purposes.

+_______________________________________________________________________

+May 6, 2025

+Reported with an amendment, committed to the Committee of the Whole

+House on the State of the Union, and ordered to be printed

Lobbying activity

Organizations whose LDA filings reference this bill, ranked by filing count. Position not disclosed — LDA does not require lobbyists to report support / oppose / monitor. Bill-number references can be stale (lobbyists sometimes copy text year-over-year), so verify against the filing description.

AMERICAN ASSOCIATION FOR JUSTICE

FIN

filings · 2026 Q3

MYSTEN LABS, INC.

FIN

filings · 2026 Q3

BLOCKCHAIN ASSOCIATION

BANFIN

filings · 2025 Q3

VISA, INC.

FIN

filings · 2025 Q3

PWC US GROUP LLP *

ACC

filings · 2026 Q3

BANK OF AMERICA CORPORATION

FIN

filings · 2026 Q3

WELLS FARGO & COMPANY

BAN

filings · 2026 Q3

CITIGROUP WASHINGTON, INC.

FIN

filings · 2026 Q3

PAYWARD INC.

FIN

filings · 2025 Q3

JPMORGAN CHASE HOLDINGS LLC

FIN

filings · 2026 Q3

via Senate LDA · self-reported quarterly. Filing count = filings mentioning this bill (no position required), not money spent on it. Click a client to see all bills they've filed on.

Cosponsors (17)

Members who signed on to support this bill.