U.S. Reps. Bryan Steil (R-WI), French Hill (R-AR), and Tom Emmer (R-MN) on March 26 proposed bipartisan legislation that would provide for the regulation of payment stablecoins, a type of cryptocurrency where the value of the digital asset is supposed to be pegged to a reference asset, which is either fiat money, exchange-traded commodities, or another cryptocurrency.
“This bill is the result of extensive collaboration with committee members, stakeholders, and the administration. I look forward to passing this bill and implementing a clear regulatory structure for payment stablecoins,” said Rep. Steil, who sponsored the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025, H.R. 2392.
If enacted, H.R. 2392 would establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States. Rep. Hill is the lead original cosponsor of the bill alongside 10 other original cosponsors, including Rep. Emmer and U.S. Reps. Bill Huizenga (R-MI), Young Kim (R-CA), and Ritchie Torres (D-NY).
“Our STABLE Act is a strong continuation of our work on digital assets in the last Congress,” said Rep. Hill, chairman of the U.S. House Financial Services Committee. “Our legislation will provide a clear regulatory structure for payment stablecoins.”
“It’s the Golden Age of digital assets in America,” Rep. Steil added. “With the STABLE Act, we will secure the future of financial payments and continued dominance of the U.S. dollar as the world’s reserve currency.”
In February, Reps. Steil and Hill released a discussion draft establishing the proposed framework for the bill. Over the past six weeks, members and stakeholders have provided feedback to improve the initial draft, including during separate hearings in both the Financial Service Committee and its Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee.
“With the STABLE Act, the United States will lead in modernizing the global financial system,” said U.S. House Majority Whip Emmer. “I’m beyond proud to support this legislative effort and I thank Reps. Hill and Steil for their leadership.”