The **U.S. Stablecoin Bill** refers to two key legislative proposals advancing in Congress: the **GENIUS Act** (Senate) and the **STABLE Act** (House). Both aim to establish a federal regulatory framework for dollar-pegged stablecoins, requiring **100% reserves** in cash, Treasuries, or high-quality liquid assets, alongside monthly audits and transparency measures . Issuers must be federally or state-approved entities (e.g., banks, OCC-regulated nonbanks) , with algorithmic stablecoins banned under the GENIUS Act or paused under the STABLE Act .
The bills prioritize **federal oversight** for large issuers (>$10B) and allow state regulation for smaller ones, though critics highlight a **foreign issuer loophole** (e.g., Tether) and insufficient anti-money laundering provisions . Bipartisan support exists, but Senate Democrats recently raised concerns over national security and accountability, delaying passage . Both bills align with the Trump administration’s push to formalize stablecoins as payment tools while safeguarding dollar dominance . Final enactment is expected by mid-2025.