Only a permitted issuer may issue a payment stablecoin in the United States
To provide for the regulation of payment stablecoins, and for other purposes, section 3, Sec. 3.
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Only a permitted issuer may issue a payment stablecoin in the United States
The document says “shall not”Who acts: CongressHow: statuteSec. 3 in the PDF
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.”
That sentence, in plain words
Only a cleared firm may make these coins here. If anyone else makes one, they break the law.
What this is about
Part two of the law says which firms are cleared. There are three kinds. Part five says how a firm asks to be one.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Guiding and Establishing National Innovation for U.S. Stablecoins Act, Public Law 119-27, sec. 3, 139 Stat. 423 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm
This page
“Only a permitted issuer may issue a payment stablecoin in the United States,” Guiding and Establishing National Innovation for U.S. Stablecoins Act, section 3, Sec. 3. Read the Mandate, https://readthemandate.org/guiding-establishing-national-innovation-u-s/proposal/sec03-issuer-limitation/ (retrieved October 10, 2026).
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