The #美国稳定币法案 bill clearly defines payment stablecoins, which must be valued in national currency, with issuers committing to exchange at a fixed amount, and not classified as national currency or securities of investment companies. Issuance qualifications are strictly limited to approved insurance deposit institution subsidiaries and federally or state-certified non-bank payment stablecoin issuers. Issuers must hold 100% reserve assets, covering cash in USD, deposits in Federal Reserve banks, short-term US Treasury bonds, etc. Monthly reserve composition reports must be published and audited by an independent accounting firm, with written certification from the CEO and CFO. In terms of custodianship, only financial institutions regulated by federal or state authorities may provide services, with customer assets prioritized and prohibited from being included in the issuer's balance sheet. Regulatory violations will face suspension of qualifications, cease and desist orders, civil fines, and even criminal penalties.