Under the bill, only institutions with federal or state licenses are allowed to issue stablecoins, and these issuers must maintain sufficient reserves. The legislation also defines the roles of regulatory bodies, such as the Federal Reserve and the Treasury Department, in overseeing stablecoin operations.

Proponents believe that the bill is a critical step in achieving transparency and legitimacy in the digital currency space, while critics argue that it could stifle innovation by imposing strict rules. If enacted, the U.S. stablecoin bill could represent a global turning point.