H.R. 7328 · 117th Congress
Stablecoin Transparency Act
- Stage
- In committee
- Sponsor
- Trey Hollingsworth
- Introduced
- 2022-03-31
- Latest action
- 2022-03-31 · Introduced in House
Summary
Stablecoin Transparency Act
This bill requires a stablecoin issuer to hold all reserves associated with each fiat currency-backed stablecoin they issue in (1) certain government securities; (2) fully collateralized security repurchase agreements, and (3) U.S. dollars or other nondigital currency. A fiat currency-backed stablecoin is a digital asset backed by a nondigital currency and is redeemable on a one-to-one basis in that currency.
Each stablecoin issuer must publish monthly on their website a report on the reserves held by the issuer that has been audited by a third party.