#美国稳定币法案 1. Regulatory Objects and Definitions

◦ Payment Stablecoins: Clearly regulated for payment settlement only, pegged to fiat currencies (such as the US dollar), and 1:1 redeemable digital assets, excluding algorithmic stablecoins and high-risk derivatives.

◦ Reserve Asset Requirements: Mandatorily require 1:1 reserves (cash in US dollars, short-term US Treasury bonds, etc.), prohibiting the pledge or misappropriation of reserve assets to ensure redemption at any time.

2. Issuance and Regulatory Mechanisms

◦ Entry Threshold: Only federally or state-regulated banks and non-bank institutions are allowed to issue, requiring approval from the Federal Reserve or state-level licenses, and to undergo continuous review.

◦ Tiered Regulation: Large issuers (with a market value over $10 billion) require federal regulation, while smaller institutions may opt for state regulation.

◦ Transparency Requirements: Monthly disclosures of the composition of reserve assets and total issuance, audit reports must be issued by independent institutions.

3. Consumer Protection and Compliance Red Lines

◦ Prohibition of Interest Payments: Stablecoins must not provide yields to avoid competition with bank deposits.

◦ Anti-Money Laundering (AML) and Sanctions Compliance: Issuers must comply with the Bank Secrecy Act, cooperating with regulators' KYC and sanctions reviews.

◦ Executive Accountability: Individuals with financial crime records are prohibited from serving as executives, with violations punishable by up to 20 years in prison.