Guiding and Establishing National Innovation for U.S. Stablecoins Act
PUB. L. 119-27
Source verified
What the document is
The first federal framework for payment stablecoins. It restricts issuance to approved federal or state licensed entities, requires full reserve backing in cash or short term Treasuries with monthly public disclosure, forbids paying interest or yield on holdings, places issuers under the Bank Secrecy Act with anti money laundering and sanctions obligations, and puts stablecoin holders ahead of other creditors in an insolvency. Senate 68 to 30, House 308 to 122, signed July 18, 2025.
Why it is in the report
Read it beside the central bank digital currency order on this same shelf. The same administration that prohibited a government issued digital dollar built the legal plumbing for privately issued dollar tokens under federal supervision, with identity and sanctions obligations attached to the issuers. Where the money rails go, the identity rails follow.
Pull it yourself
- Open the public law text on govinfo.
- Read the reserve requirements and the prohibition on paying yield.
- Read the Bank Secrecy Act obligations placed on issuers and compare them with the rules that already apply to your bank.