The upcoming U.S. STABLE Act mandates full reserves, which will likely benefit compliant stablecoin issuers like Coinbase.

U.S. stablecoin regulation is poised to have a significant impact on issuers. On Friday, April 17, Nansen released a report highlighting the potential winners of the STABLE Act. According to the report, compliant issuers like Coinbase, PayPal, and Visa will likely be the biggest beneficiaries.

The STABLE Act, which passed the U.S. House Financial Services Committee on April 2, provides comprehensive regulation for stablecoins. Its goals are to protect holders, ensure transparency by issuers, and strengthen the role of the U.S. dollar.

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Some of its provisions mandate full reserves in cash or U.S. Treasuries, while prohibiting interest payments to holders. At the same time, stablecoin issuers must be licensed banks, approved state trusts, or companies regulated by the U.S. Office of the Comptroller of the Currency.