United States has finally passed the STABLE Act for all USD-pegged stablecoins operating in the country, such as Tether (USDT), Circle (USDC), and others. This is a major milestone for the US stablecoin industry as the US House Financial Services Committee passed the act with a 32-17 vote to bring clarity to this digital assets sector.
STABLE Act Passes Committee with 32-17 Vote
After a 13-hour-long discussion, Financial Services Committee Chair Rep. French Hill and Subcommittee Chair Rep. Bryan Steil announced their decision to pass the much-awaited stablecoin legislation.
The STABLE Act seeks to provide a comprehensive regulation for stablecoin payments to function freely in the US financial system. It would create a regulatory framework specifically designed for USD-pegged stablecoins while maintaining an effective balance between technological innovation and consumer protection. Key provisions of the STABLE Act include:
- Establishing a formal regulatory structure for payment stablecoins.
- Creating strong consumer safeguards while allowing for continued innovation.
- Positioning the United States to maintain leadership in digital asset development.
- Providing clear regulatory parameters for industry participants.
- Modernizing the U.S. payment infrastructure.
Ensuring USD Dominance In Global Finance
Previously, US President Donald Trump stated that stablecoins are important to the US economy and would help maintain the dominance of the US Dollar in the global market. Speaking on the development, Congressman Dan Meuser stated:
“The STABLE Act reinforces the U.S. dollar’s status as the world’s reserve currency by ensuring stablecoins operate within a secure, dollar-backed framework, in America. It will make payments faster, cheaper, and more accessible, reducing costs to the benefit of businesses and consumers alike”.
The Story Is Still Building…
The post Breaking: US Passes the STABLE Act for USD Stablecoins, Tether, Circle, Other to Benefit? appeared first on CoinGape.
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