Studies and reports

(a) Study by Treasury The Secretary of the Treasury, in consultation with the Board, the Comptroller, the Corporation, the National Credit Union Administration, and the Securities and Exchange Commission, shall carry out a study of non-payment stablecoins, including decentralized stablecoins. (b) Report Not later than 365 days after the date of the enactment of this Act, the Secretary shall provide to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report that contains all findings made in carrying out the study under subsection (a), including an analysis of— (1) the categories of non-payment stablecoins, including the benefits and risks of technological design features; (2) the participants in non-payment stablecoin arrangements; (3) utilization and potential utilization of non-payment stablecoins; (4) nature of reserve compositions; (5) governance structure, including aspects of decentralization; (6) nature of public promotion and advertising; and (7) clarity and availability of consumer notices disclosures.

(a) Study by Treasury The Secretary of the Treasury, in consultation with the Board, the Comptroller, the Corporation, the National Credit Union Administration, and the Securities and Exchange Commission, shall carry out a study of non-payment stablecoins, including decentralized stablecoins. (b) Report Not later than 365 days after the date of the enactment of this Act, the Secretary shall provide to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report that contains all findings made in carrying out the study under subsection (a), including an analysis of— (1) the categories of non-payment stablecoins, including the benefits and risks of technological design features; (2) the participants in non-payment stablecoin arrangements; (3) utilization and potential utilization of non-payment stablecoins; (4) nature of reserve compositions; (5) governance structure, including aspects of decentralization; (6) nature of public promotion and advertising; and (7) clarity and availability of consumer notices and disclosures. (c) Impact study (1) In general The Secretary of the Treasury, in consultation with the Board, the Comptroller, the Corporation, the National Credit Union Administration, and the Securities and Exchange Commission, shall carry out a study on the impact of payment stablecoins. (2) Report Not later than 365 days after the date of enactment of this Act, the Secretary shall provide the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report containing all findings made in carrying out the study under paragraph (1), including an analysis of— (A) the impact of payment stablecoins on the cost of domestic and cross-border payments and remittances; (B) the role of payment stablecoins in providing access to a stable currency in the Global South; (C) the use of payment stablecoins by populations in the Global South to mitigate exposure to the effects of inflation; (D) the extent to which payment stablecoin adoption reinforces the role of the United States dollar as the world’s reserve currency; and (E) the extent to which payment stablecoins may expand demand for United States Treasury securities and reduce the cost of United States Government borrowing.