H.R. 2392 - STABLE Act of 2025

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Summary

The STABLE Act of 2025 aims to create a formal legal structure for payment stablecoins, which are digital assets designed to maintain a fixed value. Under this proposal, only specific regulated entities—such as subsidiaries of insured banks or qualified nonbank issuers—would be allowed to issue these digital currencies. These issuers would be required to back their stablecoins one-to-one with U.S. dollars or highly liquid assets, ensuring that users can redeem their digital tokens for cash at any time. To increase transparency, companies would have to publish monthly reports detailing their reserves and clearly disclose their redemption policies to the public.

If enacted, the bill would also place a two-year ban on new stablecoins that rely on their own related digital tokens for value, a practice known as endogenous collateralization. While the bill clarifies that these regulated stablecoins would not be treated as securities, it would require issuers to follow anti-money laundering laws to prevent illegal financial activity. For everyday citizens, these changes would likely result in more oversight of digital currency providers and standardized protections for those who use stablecoins for payments or savings.

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Committee Consideration and Mark-up Session Held

Apr 2, 2025

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

Apr 2, 2025

HearingHouseMarkup

Apr 2, 2025 · 14:00

Various Measures

Committee

House Committee on Financial Services

View full hearing

Summary

On April 2, 2025, the House Committee on Financial Services held a hearing to consider various financial services measures. The committee examined H.R. 478, the Promoting New Bank Formation Act, which would establish a three-year phase-in period for new financial institutions to meet federal capital requirements and provide relief for rural community banks. The committee also considered H.R. 1919, the Anti-CBDC Surveillance State Act, which would prohibit the Federal Reserve from issuing a central bank digital currency directly to individuals and from using such currency for monetary policy. Additional bills on the agenda included H.R. 976 on small business lending, H.R. 2392 on stablecoins, H.R. 2384 on financial technology protection, H.R. 2348 on vehicle safety, and H.Res. 259 requesting presidential documents. On April 2, the committee voted to report H.R. 478 favorably by a vote of 28 to 21, and H.R. 1919 was also favorably reported out of committee that day. A hearing does not guarantee that bills will advance further in the legislative process.