Establishes a federal licensing and regulatory framework for payment stablecoins, requiring issuers to hold one-to-one reserves, meet redemption and disclosure rules, and face anti-money laundering oversight, while letting state regulators oversee smaller issuers.

• Makes it unlawful for anyone other than a permitted issuer to issue a payment stablecoin in the United States, with fines up to $1,000,000 and up to 5 years in prison for knowing violations
• Requires issuers to back outstanding stablecoins with reserves of at least 1 to 1, made up of cash, insured deposits, short-term Treasury bills, and similar liquid assets, and to publish monthly reserve reports certified by senior officers
• Requires issuers to follow Bank Secrecy Act anti-money laundering and sanctions rules, and to be able to freeze or block tokens under lawful orders
• Lets state regulators supervise issuers with up to $10,000,000,000 in outstanding stablecoins, with federal oversight required above that threshold unless a waiver is granted

• Banking, Housing, and Urban Affairs Committee (Senate)

Finance and Financial Sector