View all text of Chapter 56 [§ 5901 - § 5916]
§ 5902. Issuance and treatment of payment stablecoins
(a) Limitation on issuers
(b) Prohibition on offers or sales
(1) In general
(2) Foreign payment stablecoin issuers
(c) Limited safe harbors
(1) In general
The Secretary of the Treasury may issue regulations providing safe harbors from subsection (a) that are—
(A) consistent with the purposes of the 1
1 So in original. Probably should be “this”.
chapter;(B) limited in scope; and
(C) apply 2
2 So in original.
to a de minimis volume of transactions, as determined by the Secretary of the Treasury.(2) Unusual and exigent circumstances
(A) In general
(B) Justification
(d) Rulemaking
(e) Extraterritorial effect
(f) Penalty for violation
(1) In general
(2) Referral to Attorney General
(g) Treatment
A payment stablecoin that is not issued by a permitted payment stablecoin issuer shall not be—
(1) treated as cash or as a cash equivalent for accounting purposes;
(2) eligible as cash or as a cash equivalent margin and collateral for futures commission merchants, derivative clearing organizations, broker-dealers, registered clearing agencies, and swap dealers; or
(3) acceptable as a settlement asset to facilitate wholesale payments between banking organizations or by a payment infrastructure to facilitate exchange and settlement among banking organizations.
(h) Rules of construction
(1) Exempt transactions
This section shall not apply to—
(A) the direct transfer of digital assets between 2 individuals acting on their own behalf and for their own lawful purposes, without the involvement of an intermediary;
(B) to 3
3 So in original. The word “to” probably should not appear.
any transaction involving the receipt of digital assets by an individual between an account owned by the individual in the United States and an account owned by the individual abroad that are offered by the same parent company; or(C) to 3 any transaction by means of a software or hardware wallet that facilitates an individual’s own custody of digital assets.
(2) Treasury authority
(Pub. L. 119–27, § 3, July 18, 2025, 139 Stat. 423.)