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H.R. 2392 119th Congress House

STABLE Act of 2025

Official title: To provide for the regulation of payment stablecoins, and for other purposes.

Introduced: March 26, 2025 Introduced by: Bryan Steil Republican · Wisconsin See on congress.gov
Finance and Financial Sector Bank accounts, deposits, capitalBanking and financial institutions regulationCivil actions and liabilityComputer security and identity theft
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 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 6, 2025
Placed on the Union Calendar, Calendar No. 68.
May 6, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-94.
Apr 2, 2025
Committee Consideration and Mark-up Session Held
Apr 2, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 17.
Mar 26, 2025
Referred to the House Committee on Financial Services.
Mar 26, 2025
Introduced in House
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What's happening now May 6, 2025

Placed on the Union Calendar, Calendar No. 68.

 Plain-English summary Congressional Research Service

Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 or the STABLE Act of 2025

This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value).

Under the bill, only permitted issuers may issue a payment stablecoin in the United States, subject to certain exceptions. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. A state regulator must certify that the state regulatory regime meets or exceeds federal requirements as established by the bill. 

Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves.

The bill specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers.

The bill places a two-year moratorium on new endogenously collateralized stablecoins (i.e., stablecoins that rely on the value of another digital asset created or maintained by the same originator to maintain the fixed price).

Under the bill, permitted payment stablecoins are not considered securities under securities law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.

 Hearings & markups 1
  • Various Measures
    Markup Apr 2, 2025 · 10:00 AM EDT · Financial Services Committee
 Bill text 2 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 380

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

  • CITIGROUP WASHINGTON, INC.
    for CITIGROUP WASHINGTON, INC. · District of Columbia · 3rd Quarter 2026 (July 1 - Sep 30)
  • GOLDSTEIN POLICY SOLUTIONS LLC
    for FEDERAL HALL POLICY ADVISORS, LLC ON BEHALF OF DEFI EDUCATION FUND · District of Columbia · 3rd Quarter 2026 (July 1 - Sep 30)
  • GOLDSTEIN POLICY SOLUTIONS LLC
    for FEDERAL HALL POLICY ADVISORS, LLC ON BEHALF OF DEFI EDUCATION FUND · District of Columbia · 2nd Quarter 2026 (Apr 1 - June 30)
  • GOLDSTEIN POLICY SOLUTIONS LLC
    for FEDERAL HALL POLICY ADVISORS, LLC ON BEHALF OF DEFI EDUCATION FUND · District of Columbia · 2nd Quarter 2026 (Apr 1 - June 30)
  • GOLDSTEIN POLICY SOLUTIONS LLC
    for FEDERAL HALL POLICY ADVISORS, LLC ON BEHALF OF DEFI EDUCATION FUND · District of Columbia · 1st Quarter 2026 (Jan 1 - Mar 31)
  • GOLDSTEIN POLICY SOLUTIONS LLC
    for FEDERAL HALL POLICY ADVISORS, LLC ON BEHALF OF DEFI EDUCATION FUND · District of Columbia · 4th Quarter 2025 (Oct 1 - Dec 31)

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

See all 380 filings →
 Cosponsors 17
All 17 Democratic 4 Republican 13
D
Thanedar, Shri
Michigan · Apr 28, 2025
 R
Rose, John W.
Tennessee · Apr 1, 2025
 R
Stutzman, Marlin A.
Indiana · Apr 1, 2025
 R
Lawler, Michael
New York · Mar 31, 2025
 R
Nunn, Zachary
Iowa · Mar 31, 2025
 R
Timmons, William R.
South Carolina · Mar 27, 2025
 R
Downing, Troy
Montana · Mar 26, 2025
 R
Emmer, Tom
Minnesota · Mar 26, 2025
 D
Gottheimer, Josh
New Jersey · Mar 26, 2025
 R
Haridopolos, Mike
Florida · Mar 26, 2025
 R
Hill, J. French
Arkansas · Mar 26, 2025
 R
Huizenga, Bill
Michigan · Mar 26, 2025
 R
Kim, Young
California · Mar 26, 2025
 D
Liccardo, Sam T.
California · Mar 26, 2025
 R
Meuser, Daniel
Pennsylvania · Mar 26, 2025
 R
Moore, Tim
North Carolina · Mar 26, 2025
 D
Torres, Ritchie
New York · Mar 26, 2025
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2392: STABLE Act of 2025. 119th Congress. Open America. https://openamerica.io/bill/119-HR-2392/
MLA
"H.R. 2392: STABLE Act of 2025." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-HR-2392/.
Bluebook (legal)
H.R. 2392, 119th Cong. (2026), https://openamerica.io/bill/119-HR-2392/.
Markdown link
[H.R. 2392: STABLE Act of 2025](https://openamerica.io/bill/119-HR-2392/)
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