Mobile Payment Network News: On April 3, the U.S. House of Representatives Financial Services Committee reviewed and passed a federal regulatory bill for stablecoins with a vote of 32 and 17 opposition.

The bill was proposed by Rep. Bryan Steil (R-Wisconsin) and French Hill (R-Arkansas) in March 2025, namely the Stablecoin Transparency and Accountability fora Better Ledger Economy Act (STABLE Act).

What kind of stablecoin regulation does the STABLE Act establish?

According to the data, the STABLE Act attempts to establish an exclusive compliance framework that is clearly applicable to "PaymentStablecoins". There are several main core points: 1. Focus on "payment-type stablecoins" and clarify the regulatory objects

STABLE Act clarifies the core objects of supervision: US dollar-anchored stablecoins issued to the public and can be directly used for payment and settlement.

The term for payment stablecoins refers to digital dollars issued by banks or non-bank institutions based on their balance sheets. It is defined as a digital asset used for payment or settlement, whose value is pegged to the value of a fixed currency (usually 1:1 to the US dollar) and is reserved with short-term Treasury bonds or cash.

At present, the bill only applies to stablecoins pegged with fiat currency. For algorithmic stablecoins, which rely solely on digital assets or algorithms to maintain their pegged value, the GENIUS Act takes a cautious but relaxed attitude, requiring regulators to closely study and monitor such stablecoins rather than ban them completely immediately. Instead, the STABLE Act has taken a clear and direct two-year suspension on the issuance of new algorithmic stablecoins, a move that is intended to await further regulatory analysis and protection measures.

2. Establish issuance thresholds and reserve requirements

STABLE Act clarifies issuance thresholds: Only federal or state-approved institutions are allowed to issue stablecoins, including bank subsidiaries and non-banks.Bank financial institutions and compliant non-bank entities have completely ended the era of "everyone can issue coins".

In detail, the STABLE Act does not adopt "license classification management" in the design of regulatory paths, but establishes a unified registration system access mechanism, that is, all institutions that intend to issue payment stablecoins, whether they are banks or not, must be registered with the Federal Reserve and undergo regulatory review at the federal level.

The bill sets two types of legal issuers: one is the Insured Depository Institutions (Insured Depository Institutions) that can directly apply for issuance of payment stablecoins; the other is the Nondepository Trust Institutions, which can also register as a stablecoin issuer as long as they meet the prudent requirements set by the Federal Reserve.

In terms of funding and reserve regulation, issuers must hold 1:1 ratio of high-quality, ready-to-realize US dollar assets (such as Treasury bonds, cash, central bank deposits, etc.) and accept continuous review by the Federal Reserve. Implement strong transparency requirements, including regular public disclosures and independent audits.

This institutional arrangement strengthens the "institutional endorsement" of US dollar anchoring, ensuring that the "anchor" is real, auditable, and fully cashed, and avoids credit crises caused by false reserves, misappropriation of funds or lack of information disclosure.

3. Payment of interest is prohibited, emphasizing the attributes of payment tools

STABLE Act clearly prohibits stablecoins from offering interest or income to holders, ensuring that stablecoins are strictly used as payment tools for cash equivalents, rather than investment products.

In addition, the bill explicitly classifies stablecoins as non-securities or commodities, providing regulatory clarity that simplifies jurisdiction and regulatory processes.

The bill emphasizes the "redemption right" of stablecoins for holders, that is, the public has the right to redeem the stablecoins in their hands as US dollar fiat currency in a ratio of 1:1, and the issuer must fulfill this obligation at any time. In addition, it has established clear consumer protection measures such as asset quarantine and priority claims rights in the event of bankruptcy of the issuer.

It can be said that the establishment of the above three points raises the issuance of stablecoins to a very high level, which not only puts higher requirements for the underlying credit mechanism, but also makes stability for the US dollar.The currency is subject to system and regulations, and it can even be said that this is like a "substitute for the digital dollar."

The dispute over the double bill will finally come to an end, which will promote the development of the digital asset industry

According to foreign media reports, Bryan Steil, chairman of the U.S. House of Representatives Digital Assets Subcommittee, revealed that after Wednesday's review, the STABLE Act will "well consistent with the Senate's GENIUS Act." This was achieved after several rounds of "draft revisions" and technical assistance from SEC and CFTC. There is a 20% difference between the two bills, but these differences are only textual and not significant or substantial. At present, the biggest difference between the two is the requirements for international stablecoin issuers, state regulation of issuers, and some smaller technical differences. "At the end of the day, we hope to work with our colleagues in the Senate to promote the passage of this bill." In addition to the STABLE Act, the other refers to the U.S. Senate's Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act for short).

Despite some differences, the GENIUS Act and the STABLE Act embody a broad bipartisan consensus on the basis of stablecoin regulation, including regulation of issuers, 1:1 full anchorage of the US dollar, strong transparency requirements, consumer protection measures, and more. However, as mentioned above, there are some key points that are different. For example, the GENIUS Act allows stablecoins to pay interest or income to holders, while the STABLE Act strictly prohibits interest payments, explicitly excluding its function as an investment or income asset. For example, the GENIUS Act clearly stipulates that when the total amount of stablecoins of an issuer reaches $10 billion, it must transition from state regulation to federal regulation, thus clearly defining when a stablecoin issuer is of systemic importance. The STABLE Act implicitly supports similar thresholds, but does not clearly specify specific values, giving regulators more freedom and being able to make continuous adjustments based on market development.

The two major bills have been repeatedly discussed in the legislative process for a long time. The dispute over the double bill will definitely come to an end, and one of them will be passed this year. No matter who passes legislation, it will indicate the opening of US cryptocurrency market regulation, and may also mark the entry of a new era of global stablecoin regulation.

Stablecoin payment not only constitutes the infrastructure of the Web3 digital asset industry, but also serves as a central link in it, which plays a role in affecting the development of the entire industry. From capital inflows, industry compliance, RWA chaining to innovation, the compliance of stablecoins has far-reaching impact and will promote the development of the digital asset industry.

It is more worthy of attention that the promotion of the stablecoin bill is not only a product of demand in the US market, but will also affect the global financial system and digital asset market. At present, the EU is promoting the MiCA Act, which is expected to reach an agreement with the United States on stablecoin regulation to promote the formation of a global stablecoin payment compliance framework. In Asia, regulators in regions such as Singapore, Hong Kong and Japan have begun to gradually advance the process of legalizing stablecoins. The Monetary Authority of Singapore (MAS) has formulated a relatively comprehensive framework in this field, and Hong Kong and Japan are also conducting corresponding legislation and testing.

The United States' accelerated legislation on stablecoins may imply its strategic intention in the field of digital currency. With the continuous exploration of stablecoins in other regions and the expansion of pilot projects in digital RMB, the United States must seize the initiative in stablecoin rules and stabilize its hegemony position in the US dollar. After the bill is passed, the US dollar stablecoin may evolve into a "global digital dollar". As a legal mapping of fiat currency in the Web3 world, stablecoin compliance will promote cross-border payments and global capital flows, subvert traditional fiat currency payment methods, and profoundly change the global financial landscape, further consolidate the dominance of the US dollar in the global financial system.

As the mainland market, which has always been relatively conservative about the legalization of stablecoins, should we prepare for the future and be prepared for danger in times of peace?