#USStablecoinBill The US Stablecoin Bill, specifically the STABLE Act and the Lummis-Gillibrand Payment Stablecoin Act, has made significant progress in Congress. Here are the key developments:

- *STABLE Act Progress*: The bill passed the House Financial Services Committee with a 32-17 vote and now awaits a floor vote. It aims to establish a regulatory framework for stablecoins, addressing concerns around conflicts of interest and foreign influence.

- *Lummis-Gillibrand Payment Stablecoin Act*: Introduced by Senators Cynthia Lummis and Kirsten Gillibrand, this bipartisan bill seeks to promote responsible innovation, protect consumers, and maintain US dollar dominance. It establishes requirements for stablecoin issuers, including maintaining 100% reserves and complying with anti-money laundering regulations.

- *Key Provisions*:

- *Stablecoin Issuance*: Requires authorization from the Federal Reserve Board or a state bank supervisor to issue stablecoins in the US.

- *Reserves*: Mandates 100% reserves for outstanding stablecoins, limited to US dollars, demand deposits, and certain US Treasury Bills.

- *Redemption*: Requires stablecoin issuers to honor customer redemption requests at par value within one business day.

- *Disclosure*: Demands monthly public disclosures of reserve assets and outstanding stablecoins.

- *Next Steps*: Both bills will undergo further review and debate before potentially becoming law. The STABLE Act needs to pass a floor vote, while the Lummis-Gillibrand Payment Stablecoin Act requires approval from the full Senate.

These bills aim to provide clarity and regulation for the stablecoin industry in the US, but their passage and implementation are subject to ongoing negotiations and potential amendments.