Stablecoin Transparency Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Mar 31, 2022)
Stablecoin Transparency Act
This bill requires a stablecoin issuer to hold all reserves associated with each fiat currency-backed stablecoin they issue in (1) certain government securities; (2) fully collateralized security repurchase agreements, and (3) U.S. dollars or other nondigital currency. A fiat currency-backed stablecoin is a digital asset backed by a nondigital currency and is redeemable on a one-to-one basis in that currency.
Each stablecoin issuer must publish monthly on their website a report on the reserves held by the issuer that has been audited by a third party.
What just happenedMar 31, 2022
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseMar 31, 2022
- Mar 31, 2022IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Mar 31, 2022IntroReferralIntro-H
Introduced in House
- Mar 31, 2022IntroReferral1000
Introduced in House