ID H0586

Creates the Financial Accountability Stablecoin Transaction (FAST) Act, authorizing Idaho to use qualifying payment stablecoins — both privately issued coins meeting federal GENIUS Act standards and state-issued public purpose stablecoins — to make payments to state vendors and contractors.

Requires GENIUS-qualified stablecoins to be fully backed one-to-one by U.S. dollars or Treasury obligations, redeemable at par on demand, issued by U.S.-incorporated and U.S.-citizen-controlled entities, and must demonstrate at least $2 billion in aggregate transaction volume over the preceding 12 months.

Directs the state treasurer and state controller, acting jointly, to maintain and publish an authorized stablecoin list by January 1 each year, with authority to suspend or revoke stablecoins that lose qualification or pose material risk, while the legislature retains override authority via concurrent resolution or law.

Requires an annual public report to the legislature by December 15 detailing authorized and revoked stablecoins, transaction volumes, estimated cost savings, and how stablecoin use benefits fiscal transparency and financial innovation.

Vendor and contractor participation is voluntary, with required disclosures on redemption rights, reserve backing, audit standards, and custody risks; payments made via authorized stablecoins are deemed valid and legally enforceable, with an emergency effective date of July 1, 2026.