U.S. Reps. French Hill (R-AR) and Bryan Steil (R-WI) released a discussion draft of a bill to establish a framework for the issuance of dollar-denominated payment stablecoins in the United States.
The draft bill, called the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, or STABLE Act of 2025, provides multiple regulatory pathways for payment stablecoin issuers in the United States.
“Building upon our work on digital assets in the last Congress, our discussion draft will provide clarity for payment stablecoins and ensure a federal and state path for stablecoin issuers,” Hill, the House Financial Services Committee chairman, said. “Subcommittee Chairman Steil and I look forward to receiving feedback from the public and working in tandem with the Trump Administration and our colleagues in the House and Senate to make sure we get this right and deliver a dollar-backed stablecoin for the American people.”
A key difference between this bill and the former bill, called the Clarity for Payment Stablecoin Act of 2023, is that the STABLE Act gives the OCC the authority to approve and supervise federally qualified nonbank payment stablecoin issuers. The Clarity for Payment Stablecoin Act of 2023 included a federal pathway at the Federal Reserve for payment stablecoin issuers.
“By implementing a clear regulatory structure for payment stablecoins, we can support continued innovation, bolster the U.S. dollar’s position as the world’s reserve currency, and protect consumers and investors. I look forward to getting feedback from consumers, issuers, and stakeholders on this draft legislation as we work to provide clear rules of the road for this innovative technology,” Steil, chairman of the Digital Assets Subcommittee, said.
This follows the introduction of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in the U.S. Senate last week.
Hill and Steil will work in a bicameral fashion with the sponsors of the Senate bill to pass federal payment stablecoin legislation.