,,ii  #aagth ,,congress  #b;d ,session  
,s4 #cigj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #ca1    
#bjbb ,mr4 ,hagerty introduced the      
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to establish reporting         
requirements for issuers of fiat        
currency-backed stablecoins1 and for    
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,stablecoin    
,transparency ,act4  #b4 ,stablecoin    
issuer requirements  7a7 ,definitions   
,in this section3  7#a7 ,fiat           
currency-backed stablecoin ,the term    
fiat currency-backed stablecoin means a 
fiat currency-backed digital asset--    
7,a7 that maintains price stability by  
backing the value of the digital asset  
to a nondigital currency that is        
denominated in the same currency in     
which the digital asset is issued2 and  
7,b7 is redeemable on a one-to-one basis
 in the denominated currency to which   

the digital asset is backed4  7#b7      
,stablecoin issuer ,the term stablecoin 
issuer means a person that issues a fiat
 currency-backed stablecoin4  7b7       
,reserves ,each stablecoin issuer shall 
hold all reserves associated with each  
fiat currency-backed stablecoin issued  
by such stablecoin issuer in-- 7#a7     
government securities that have         
maturities of not longer than #ab       
months2  7#b7 fully collateralized      
security repurchase agreements2 or  7#c7
 ,united ,states dollars or any other   
nondigital currency4  7c7 ,reserve      
reports ,not later than #cj days after  
the date of enactment of this ,act and  
every #cj days thereafter1 each         
stablecoin issuer shall publish on the  
website of the stablecoin issuer a      
report on the reserves held by the      
stablecoin issuer that has been audited 
by a third-party auditor4