Bill > HB5461

This bill, known as the "Financial Accountability Stable Token Act" or "FAST Act," aims to modernize state payments by allowing the use of qualifying stable tokens, which are digital assets backed one-to-one by U.S. dollars or short-term U.S. Treasury obligations, for payments to state vendors and contractors. To be considered a "qualifying stable token," the digital asset must be issued by a U.S. corporation with U.S. citizen founders and controlling shareholders, maintain reserves with U.S. banks or custodians, be redeemable on demand, undergo regular audits by a Public Company Accounting Oversight Board-registered firm, publish monthly reserve reports, and comply with federal law. The State Treasurer will be responsible for maintaining a list of authorized stable tokens, overseeing their use, and promulgating rules for integration with state systems, security, and fraud prevention, while ensuring that participation by vendors and contractors remains voluntary. The Treasurer will also report annually to the Legislature on the program's performance, including transaction volumes and cost savings, and will coordinate with federal regulators.

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http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5461&year=2026&sessiontype=RS&btype=bill