Only a permitted issuer may issue a payment stablecoin in the United States
What the document says“It shall be unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States.”
Subsection (a). Permitted payment stablecoin issuer is defined in section 2(23) as one of three approved forms. Subsection (f) sets the penalty for knowing participation in a violation, and subsection (c) lets the Secretary of the Treasury create limited safe harbors from this subsection.
What the document actually says“It shall be unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States.”
Only a cleared firm may make these coins here. If anyone else makes one, they break the law.
Part two of the law says which firms are cleared. There are three kinds. Part five says how a firm asks to be one.
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