A State issuer under ten billion dollars may opt for a State regime
To provide for the regulation of payment stablecoins, and for other purposes, section 4, Sec. 4.
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A State issuer under ten billion dollars may opt for a State regime
The document says “can”Who acts: State qualified payment stablecoin issuersHow: statuteSec. 4 in the PDF
What the document says
“a State qualified payment stablecoin issuer with a consolidated total outstanding issuance of not more than $10,000,000,000 may opt for regulation under a State-level regulatory regime, provided that the State-level regulatory regime is substantially similar to the Federal regulatory framework under this Act.”
Subsection (c)(1). The Secretary of the Treasury is to establish broad-based principles, through notice and comment rulemaking, for determining whether a State-level regime is substantially similar to the Federal framework. State payment stablecoin regulators are to review their regimes against those principles and for the purpose of establishing any cooperative agreements needed to implement section 7(f).
What the document actually says
“a State qualified payment stablecoin issuer with a consolidated total outstanding issuance of not more than $10,000,000,000 may opt for regulation under a State-level regulatory regime, provided that the State-level regulatory regime is substantially similar to the Federal regulatory framework under this Act.”
That sentence, in plain words
A smaller state maker may follow its state's rules instead. This works up to ten billion dollars of coins. The state rules must be much like the federal ones.
What this is about
The Treasury sets out how close is close enough. It must ask the public first. Each state then checks its own rules against that test.
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. 4, 139 Stat. 425 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm
This page
“A State issuer under ten billion dollars may opt for a State regime,” Guiding and Establishing National Innovation for U.S. Stablecoins Act, section 4, Sec. 4. Read the Mandate, https://readthemandate.org/guiding-establishing-national-innovation-u-s/proposal/sec04-state-level-option/ (retrieved October 10, 2026).
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