Federal issuers are subject to supervision by their Federal regulator
To provide for the regulation of payment stablecoins, and for other purposes, section 6, Sec. 6.
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Federal issuers are subject to supervision by their Federal regulator
The document says “shall”Who acts: primary Federal payment stablecoin regulatorsHow: statuteSec. 6 in the PDF
What the document says
“Each permitted payment stablecoin issuer that is not a State qualified payment stablecoin issuer with a payment stablecoin with a consolidated total outstanding issuance of less than $10,000,000,000 shall be subject to supervision by the appropriate primary Federal payment stablecoin regulator.”
Subsection (a)(1). The rest of the subsection is built on this class of issuer: the reports in paragraph (2), the examinations in paragraph (3) and the efficiency requirements in paragraph (4) all apply to an issuer described in paragraph (1). Section 7 gives State payment stablecoin regulators supervisory, examination and enforcement authority over the State qualified issuers of their State.
What the document actually says
“Each permitted payment stablecoin issuer that is not a State qualified payment stablecoin issuer with a payment stablecoin with a consolidated total outstanding issuance of less than $10,000,000,000 shall be subject to supervision by the appropriate primary Federal payment stablecoin regulator.”
That sentence, in plain words
A federal watchdog keeps an eye on these makers. This covers makers that a state does not oversee.
What this is about
A state maker under ten billion dollars is watched by its state. Part 7 covers those. This part covers the rest.
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. 6, 139 Stat. 443 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm
This page
“Federal issuers are subject to supervision by their Federal regulator,” Guiding and Establishing National Innovation for U.S. Stablecoins Act, section 6, Sec. 6. Read the Mandate, https://readthemandate.org/guiding-establishing-national-innovation-u-s/proposal/sec06-supervision/ (retrieved October 10, 2026).
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