The U.S. House Financial Services Committee has approved the STABLE Act, a regulatory framework for stablecoins, which will now proceed to a full congressional vote.

H.R. 2392, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 passed Committee 32-17. pic.twitter.com/pvzTOfTTr1
— Financial Services GOP (@FinancialCmte) April 3, 2025

The bill passed with a 32-17 vote, gaining support from six Democrats after “significant improvements” in consumer protection provisions.

Introduced by Committee Chairman French Hill and Digital Assets Subcommittee Chairman Bryan Steil (both Republicans), the legislation sets requirements for payment stablecoin issuers. These include transparency obligations and asset backing.

Democrats voiced concerns that the STABLE Act could serve private interests. Financial Services Committee member Maxine Waters criticized the bill as an effort by the president and “his insiders to write the rules of the road that enrich themselves at everyone else’s expense.”

According to FOX Business journalist Eleanor Terrett, representatives from Tether were involved in drafting the bill.

🚨NEW from me: Offshore stablecoin giant @Tether_to is working with U.S. lawmakers to influence how these fiat-backed currencies are regulated in the U.S.

The issuer of the world’s largest stablecoin $USDT has been a controversial figure in U.S. crypto policy circles due to an…
— Eleanor Terrett (@EleanorTerrett) February 14, 2025

USDT issuer Tether’s CEO, Paolo Ardoino, stated that the company is “closely monitoring legislative developments and engaging with regulators.” His comments followed JPMorgan’s claims that USDT does not comply with U.S. congressional initiatives.

Nansen’s Take

Nansen analysts examined the potential industry impact if the STABLE Act is passed:

Winners – Regulated issuers like USDC, PYUSD, and banks will benefit from clear rules and compliance frameworks.
Losers – Algorithmic stablecoins (at least for now) and yield-bearing tokens, as payment stablecoins won’t be allowed to offer such features.
Forecast – Market consolidation ahead; backend infrastructure (compliance, custodial services, etc.) will see significant growth.

Alternative Bill

An alternative bill, the GENIUS Act, is also moving through Congress, setting oversight and reserve requirements for issuers. The Senate Banking Committee approved it on March 13.

Both bills await debates in the House and Senate.

Crypto industry lobbyists expect coordinated efforts to align the proposals and avoid legislative delays.

🚨NEW: Both the Senate’s GENIUS Act and the House’s STABLE Act have passed out of their respective committees.

So now what?

The bills await debate time on the floor and a vote in their respective chambers. In the meantime, two crypto lobbyists tell me there will likely be a… https://t.co/Paa8gmlNq1
— Eleanor Terrett (@EleanorTerrett) April 3, 2025

According to Terrett, the House is set to consider a broader market structure bill on April 9.

In January, a task force formed by Trump listed stablecoin regulation as a priority.

Meanwhile, the Financial Times reports that global banks and fintech firms are preparing to launch their own stablecoins to capture a share of the fast-growing market.