House Clears Path for Stablecoin Regulation with STABLE Act

The U.S. House Financial Services Committee has approved the STABLE Act by a 32-17 vote, ushering in new regulatory rules for stablecoins like Tether and USDC. This legislation establishes foundational guidelines for their issuance and backing, aiming to bring stability and transparency to the fast-evolving digital asset market. Under the bill, stablecoins must be one-to-one backed by U.S. dollars or short-term government debt. This move seeks to modernize payment systems while safeguarding consumers from potential risks.