Stablecoin TRUST Act of 2022

Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022 or the Stablecoin TRUST Act of 2022

This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must directly convert to fiat currency). Specifically, the bill only allows the following entities to issue stablecoins

• a money transmitting business, a non-depository trust company, or any other person that is authorized by a state banking supervisor to issue payment stablecoins;
• a national limited payment stablecoin issuer;
• a depository institution; or
• a national trust bank.