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S 3970 117th Congress Senate Finance and Financial Sector Bank accounts, deposits, capital Business records Currency Digital media Financial services and investments Securities

Stablecoin Transparency Act

Introduced: March 31, 2022 Introduced by: Hagerty, Bill Republican · Tennessee See on congress.gov
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 10, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Mar 31, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 31, 2022
Introduced in Senate
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 Plain-English summary Congressional Research Service

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, or (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's happening now May 10, 2022

Committee on Banking, Housing, and Urban Affairs. Hearings held.

 Related & companion bills 2
  • HR 7328 Related bill Stablecoin Transparency Act
  • HR 8498 Related bill To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes.
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3970: Stablecoin Transparency Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-3970/
MLA
"S. 3970: Stablecoin Transparency Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-3970/.
Bluebook (legal)
S. 3970, 117th Cong. (2026), https://openamerica.io/bill/117-S-3970/.
Markdown link
[S. 3970: Stablecoin Transparency Act](https://openamerica.io/bill/117-S-3970/)
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