#USStablecoinBill

The bill defines a "payment stablecoin" as a digital asset intended for use as a means of payment or settlement. It mandates that these stablecoins be fully backed on a 1:1 basis with U.S. dollars or other approved high-quality liquid assets, such as Treasury bills and repurchase agreements.

Permitted payment stablecoin issuers are treated as financial institutions under the Bank Secrecy Act, requiring them to implement AML programs and comply with related regulations.