The U.S. stablecoin bill seeks to establish a regulatory framework for payment stablecoins, defined as digital assets designed to maintain a stable value relative to a fiat currency. The legislation aims to clarify that stablecoins are not securities and are not federally insured. It would require issuers to maintain high-quality liquid asset reserves on a 1:1 basis and publicly disclose the composition of these reserves monthly, with certifications from chief financial officers and executives. The bill also defines who can issue payment stablecoins and establishes an approval process for issuers, both banks and non-banks. Deceptive practices and tying the issuance of stablecoins to the purchase of other services are prohibited.