US Passes STABLE Act to Regulate USD-Pegged Stablecoins

The United States has enacted the STABLE Act, bringing much-needed clarity and regulatory oversight to USD-pegged stablecoins like Tether (USDT) and Circle’s USDC. This act was approved by the US House Financial Services Committee with a 32-17 vote after an extensive 13-hour debate led by Chair Rep. French Hill and Subcommittee Chair Rep. Bryan Steil. The STABLE Act establishes rules for stablecoin payments, protecting consumers while fostering innovation in this burgeoning sector. It aims to enhance the US payment system, bolster the dollar’s position in global finance, and solidify the US as a leader in digital currency markets. 💰