The full draft of the STABLE Act of 2025 was released yesterday. Thread will a few takeaways below
No yield-bearing stables
No yield-bearing stables
Banks, credit unions, and approved nonbanks can issue
Must have 1:1 reserves of cash, T-bills (<93d), or other highly liquid, safe assets
Interop standards may be required
States can certify their own stablecoin regimes — but they must meet/exceed federal standards
No algo stables for two years
2-year registration grace period
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