US HB2392

Only permitted payment stablecoin issuers (subsidiaries of insured depository institutions, federal qualified nonbank issuers, or state qualified issuers) may legally issue payment stablecoins in the United States

Issuers must maintain 1:1 reserves backing all outstanding stablecoins using U.S. currency, demand deposits at insured institutions, Treasury bills with 93 days or less maturity, overnight repurchase agreements, or compliant money market funds

Monthly reserve reports must be published publicly and examined by independent registered public accounting firms, with CEO/CFO certification requirements and criminal penalties up to $5 million and 20 years imprisonment for willful false certifications

States may operate their own payment stablecoin regulatory regimes if certified by Treasury as meeting or exceeding federal standards, with issuers able to operate across state lines under their home state's rules

Payment stablecoins are explicitly excluded from the definition of "security" under federal securities laws, and issuers are prohibited from paying interest or yield to stablecoin holders