STABLE Act targeting stablecoins advances with House Committee approval

A bill to regulate stablecoin in the United States has been passed by the US House Financial Services Committee.

On April 2, the Committee approved the Stablecoin Transparency and Accountability for a Better Ledger Economy Act in a 32-17 vote. It will now head to a full House vote.

The bill, backed by Republican lawmakers, aims to bring clarity and structure to the stablecoin market housing USD-pegged stablecoins like USDT and USDC.

Introduced by Financial Services Committee Chairman French Hill and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil, the STABLE Act lays out a dedicated regulatory framework for payment stablecoins, setting clear rules for how issuers operate and back their tokens. 

It focuses on boosting consumer protections, ensuring transparency from issuers, and strengthening the role of the US dollar in digital finance.

Issuers would need to disclose how their tokens are backed and ensure sufficient dollar-equivalent assets are held to support the circulating supply.

Other Key provisions include mandating strong consumer protection measures to reduce risk and enhancing trust in stablecoin use for everyday payments. The bill will also modernise the U.S. payment infrastructure, supporting faster, more cost-effective transactions while maintaining space for innovation.

Supporters say the legislation will help the US maintain its edge in digital asset development. According to Congressman Dan Meuser, the bill would reinforce the dollar’s position as the world’s reserve currency by keeping stablecoins within a “secure, dollar-backed system.”

“It will make payments faster, cheaper, and more accessible, reducing costs to the benefit of businesses and consumers alike. President Donald Trump promised to make America the crypto capital of the world, and the STABLE Act is the first step in delivering on that promise,” he said in an April 2 X post.

Meanwhile, Congressman Troy Downing added the legislation would “allow for innovation to continue to thrive in the U.S. while maintaining important consumer protections.”

With stablecoins gaining ground, the current administration has pushed for clear regulation, something Trump’s crypto czar David Sacks says is vital for strengthening the dollar’s global leadership.

Congress is also looking at another stablecoin bill, the GENIUS Act, introduced by Senator Bill Hagerty. It aims to set up a federal framework for regulating stablecoin issuers across the board.

The bill lays out clear rules around reserves, audits, transparency, and licensing. It recently cleared the Senate Banking Committee with an 18-6 vote.