Stablecoin rules we’re tracking

One of the first state-level bills in the U.S. to directly regulate stablecoin issuance. Establishes requirements for stablecoin issuers operating in Arizona, including reserve and licensing provisions.

Pending legislation that would create a dedicated licensing regime for digital asset businesses in Illinois, administered by the Illinois Department of Financial and Professional Regulation (IDFPR). Represents a significant expansion of Illinois's digital asset regulatory framework.

Advances Colorado's fintech regulatory framework, including provisions applicable to digital asset and stablecoin businesses operating under money transmission rules. No dedicated stablecoin statute; compliant stablecoins may operate under the existing framework.

MiCA creates the EU authorization and operating framework for asset-referenced tokens and e-money tokens, including reserve, redemption, governance, and significant-token supervision requirements.

Establishes a licensing regime for digital financial asset businesses in California, including stablecoin issuers and exchanges, administered by the Department of Financial Protection and Innovation (DFPI). Licensing requirements took effect July 1, 2025.

Expands Florida's Money Transmitters Act to cover virtual currency businesses, requiring licensing for digital asset transmission and establishing consumer protection standards. Signed into law in 2023.

Regulatory guidance and licensing requirements from the Florida Office of Financial Regulation for money transmitters, including virtual currency businesses operating in Florida.

Establishes the Wyoming Stable Token Commission and authorizes the issuance of WYST, a USD-backed stable token. Reserves are held 1:1 in U.S. government securities or cash equivalents. The only U.S. state law explicitly authorizing government issuance of a stablecoin.

NYDFS binding guidance requiring USD-backed stablecoins to maintain 1:1 reserves, undergo independent monthly audits, and guarantee unconditional redemption at par.

Pending New Jersey legislation advancing a dedicated digital asset regulatory framework. Represents the state's push toward formal licensing and consumer protection rules for digital asset businesses, including stablecoin issuers.

Amends the Texas Uniform Commercial Code to formally define "virtual currency" and establish legal frameworks for owning, securing, and controlling digital assets. Enables security interests in cryptocurrency to be perfected, allowing crypto to be used as collateral and providing legal certainty for crypto-related businesses. Effective September 1, 2021.

Ongoing regulatory guidance from the Texas Department of Banking on virtual currency businesses operating in the state, including licensing and consumer protection expectations.

Requires money transmission licenses for businesses transmitting funds, interpreted to cover virtual currency exchangers and stablecoin issuers operating in Illinois.

Illinois statutory framework governing digital asset activity, establishing baseline consumer protection and regulatory requirements for digital asset businesses.

Washington's money transmission law, interpreted to cover virtual currency and stablecoin businesses. Requires licensing from the Washington State Department of Financial Institutions for entities transmitting digital assets, including stablecoin issuers and exchangers. No dedicated stablecoin statute exists.

Establishes a licensing regime for virtual currency businesses operating in New York, including reserve, capital, and consumer protection requirements.