U.S. Lawmakers Introduce Stablecoin Transparency Act, Requiring Stablecoins to be Backed by Dollars and Bonds

U.S. Rep. Trey Hollingsworth (R-IN) and Sen. Bill Hagerty (R-TN) have introduced the Stablecoin Transparency Act, which would require stablecoins to be backed exclusively by a combination of U.S. dollars and "government securities with a maturity of less than 12 months" (bonds). The bill would also legally force issuers of stablecoins to issue regular audited reports to prove their reserves.