Treasury securities held as reserves must mature within 93 days
To provide for the regulation of payment stablecoins, and for other purposes, section 4, Sec. 4.
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Treasury securities held as reserves must mature within 93 days
The document says “shall”Who acts: permitted payment stablecoin issuersHow: statuteSec. 4 in the PDF
What the document says
“Treasury bills, notes, or bonds-- (I) with a remaining maturity of 93 days or less; or (II) issued with a maturity of 93 days or less”
Subsection (a)(1)(A)(iii). Treasury securities count as reserves only if they have a remaining maturity of 93 days or less, or were issued with a maturity of that length. The repurchase agreements allowed under clause (iv) are also tied to Treasury bills with a maturity of 93 days or less, and clause (v) requires reverse repurchase agreements to be overnight and collateralized by Treasury securities.
What the document actually says
“Treasury bills, notes, or bonds-- (I) with a remaining maturity of 93 days or less; or (II) issued with a maturity of 93 days or less”
That sentence, in plain words
The maker can hold loans to the government. They must be short. They must come due within 93 days.
What this is about
A long loan can lose value if rates move. A short one moves less. The law also caps how long some other deals may run.
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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
“Treasury securities held as reserves must mature within 93 days,” 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-treasury-maturity-limit/ (retrieved October 10, 2026).
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