Sponsored by Rep. French Hill (R-AR) and Rep. Bryan Steil (R-WI), the bill outlines requirements for audits, reserves, and licensing for stablecoin issuers.

The legislation seeks to establish a legal framework for the issuance and regulation of dollar-pegged stablecoins.

The bill marks progress toward formally integrating stablecoins into the U.S. financial system, with bipartisan support boosting its chances of eventually becoming law.

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