Bill > H0901

This bill, known as the Financial Accountability Stablecoin Transaction (FAST) Act, aims to authorize and regulate the use of payment stablecoins, which are digital currencies pegged to the value of a stable asset like the U.S. dollar, for state transactions in Idaho. It establishes criteria for "authorized payment stablecoins," which include those qualified under a federal law called the GENIUS Act (referring to the "federal guiding and establishing national innovation for U.S. stablecoins act") or "public purpose-qualified stablecoins" issued by other U.S. states that provide a public benefit to Idaho. The State Treasurer will maintain and publish an annual list of these authorized stablecoins, with the ability to suspend or revoke authorization if they no longer meet the qualifications or pose a risk. The bill mandates a yearly report to the legislature detailing the authorized stablecoins, transaction volumes, cost savings, and how their use benefits the state. It also permits the state and its controller to use these authorized stablecoins for payments to vendors and contractors, though vendors are not required to accept them, and they must be provided with disclosures about risks before opting to receive payment in stablecoins. The act also allows for interstate coordination and information sharing regarding stablecoin utilization and declares an emergency, making it effective on July 1, 2026.

Business and Industry

Ways and Means Committee (House)

https://legislature.idaho.gov/sessioninfo/2026/legislation/H0901/