#美国稳定币法案 - Establishing a Regulatory Framework: Only specific types of institutions can legally issue payment stablecoins, including subsidiaries of insured deposit institutions, federally recognized non-bank stablecoin issuers, etc. Stablecoin issuers with a market capitalization below $10 billion may opt for regulation by state-level regulatory agencies, provided that the state-level regulatory framework is 'substantially similar' to federal standards, while issuers with larger market capitalizations are directly regulated by federal regulatory agencies. Issuers must comply with bank-like regulatory standards, including capital adequacy, liquidity, and risk management requirements, and are subject to anti-money laundering regulations such as the Bank Secrecy Act.