The US House Financial Services Committee has advanced the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 (H.R. 2392) with a 32-17 vote. The bipartisan backing included six Democrats joining Republicans in support of the legislation, signaling growing consensus on the need for a federal regulatory framework for stablecoins.

The bill, introduced by Rep. Bryan Steil (R-WI), aims to establish clear guidelines for the issuance and oversight of payment stablecoins. One of its key provisions ensures that payment stablecoins issued by permitted entities will not be classified as securities under federal law. This distinction is intended to provide regulatory clarity for issuers and prevent unnecessary oversight by securities regulators.

“We're living in the golden age of digital assets,” Steil said during the committee discussion. “The rise of blockchain technology and cryptocurrencies has revolutionized our approach to financial systems, payments, investments, and the internet.”

The bill introduces a state-chartered regulatory pathway, an approach championed by Rep. Young Kim (R-CA), which allows smaller stablecoin issuers to operate under state-level supervision tailored to their risk profile. Proponents argue this provision will encourage financial innovation while ensuring consumer protection.

"The state-chartered pathway that is included in this bill would preserve that innovation by giving small companies access to a regulator tailored to their risk and size."

A significant aspect of the legislation is Section 14, which directs the Federal Reserve and the US Treasury to coordinate with international jurisdictions that have comparable stablecoin regulations. 

This provision aims to enhance cross-border transactions and regulatory interoperability, particularly for US dollar-denominated stablecoins issued outside the United States.