Adds to existing law to establish the Financial Accountability Stablecoin Transaction (FAST) Act to provide for the authorization and use of payment stablecoins.

LEGISLATURE OF THE STATE OF IDAHO
Sixty-eighth Legislature Second Regular Session - 2026
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 821
BY WAYS AND MEANS COMMITTEE
AN ACT	1
RELATING TO THE FAST ACT; AMENDING TITLE 67, IDAHO CODE, BY THE ADDITION OF A	2
NEW CHAPTER 83, TITLE 67, IDAHO CODE, TO PROVIDE A SHORT TITLE, TO PRO-	3
VIDE A DECLARATION OF NECESSITY, TO DEFINE TERMS, TO PROVIDE FOR A LIST	4
OF AUTHORIZED PAYMENT STABLECOINS, REQUIRE A CERTAIN REPORT, AND PRO-	5
VIDE FOR CERTAIN LEGISLATIVE AUTHORITY, TO PROVIDE FOR STATE USE OF AU-	6
THORIZED PAYMENT STABLECOINS, AND TO PROVIDE FOR INTERSTATE COORDINA-	7
TION; PROVIDING SEVERABILITY; AND DECLARING AN EMERGENCY AND PROVIDING	8
AN EFFECTIVE DATE.	9
Be It Enacted by the Legislature of the State of Idaho:	10
SECTION 1. That Title 67, Idaho Code, be, and the same is hereby amended	11
by the addition thereto of a NEW CHAPTER, to be known and designated as Chap-	12
ter 83, Title 67, Idaho Code, and to read as follows:	13
CHAPTER 83	14
FINANCIAL ACCOUNTABILITY STABLECOIN TRANSACTION (FAST) ACT	15
67-8301. SHORT TITLE. This act shall be known and may be cited as the	16
"FAST Act."	17
67-8302. DECLARATION OF NECESSITY. The legislature finds that:	18
(1) Timely and efficient payment of obligations to state vendors and	19
contractors is essential to the operation of state government;	20
(2) The use of payment stablecoins backed by U.S. dollar-denominated	21
reserves may reduce transaction costs, improve financial transparency, and	22
expedite payment delivery;	23
(3) The federal guiding and establishing national innovation for U.S.	24
stablecoins act (GENIUS act), P.L. 119-27, establishes a comprehensive fed-	25
eral framework governing payment stablecoins, including issuer qualifica-	26
tion, reserve standards, consumer protections, and enforcement;	27
(4) States are authorized under the GENIUS act to recognize and use per-	28
mitted payment stablecoin issuers and to adopt substantially similar frame-	29
works for oversight of state-level usage; and	30
(5) It is the purpose of this chapter to authorize the state to recog-	31
nize and use privately issued payment stablecoins qualified under the GENIUS	32
act and state-issued, public purpose-qualified stablecoins.	33
67-8303. DEFINITIONS. For the purposes of this chapter:	34
(1) "Authorized payment stablecoin" means a GENIUS-qualified or pub-	35
lic purpose-qualified stablecoin that has been authorized for state use pur-	36
suant to section 67-8304, Idaho Code.	37
(2) "GENIUS-qualified stablecoin" means a payment stablecoin that is:	38

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(a) Approved, certified, listed, or otherwise authorized under the GE-	1
NIUS act, including any rule, order, or regulation issued pursuant to	2
the GENIUS act;	3
(b) Fully backed on a one-to-one basis by U.S. dollars or U.S. treasury	4
obligations;	5
(c) Redeemable at par value on demand;	6
(d) Fungible and transferable on regulated banking platforms, ex-	7
changes, or open markets;	8
(e) Sufficient for operational scale and market usage, demonstrating	9
no less than two billion dollars ($2,000,000,000) in aggregate trans-	10
action volume during the preceding twelve (12) months, as verified	11
through publicly available disclosures, independent audits, or other	12
reliable documentation acceptable to the state treasurer; and	13
(f) Issued by a corporation or entity:	14
(i) That is incorporated and headquartered in the United States;	15
(ii) Whose corporate founders are United States citizens;	16
(iii) Whose controlling shareholders are United States citizens;	17
(iv) That maintains reserves in accounts held in banks chartered	18
within the United States or with federally regulated custodians;	19
(v) That is subject to quarterly independent attestations by an	20
accounting firm that is currently registered with the public com-	21
pany accounting oversight board; and	22
(vi) That publishes monthly reserve reports disclosing asset com-	23
position and location.	24
(3) "Public purpose-qualified stablecoin" means any public entity	25
stablecoin issued by a U.S. state and fully backed by U.S. dollars or U.S.	26
treasury obligations with statutory over-collateralization. Public pur-	27
pose-qualified stablecoins must provide a public benefit to Idaho through a	28
revenue-sharing agreement or substantially similar benefit agreement.	29
67-8304. LIST OF AUTHORIZED PAYMENT STABLECOINS -- REPORT. (1) Annu-	30
ally, by January 1, the state treasurer shall maintain and publish a list	31
of payment stablecoins that are GENIUS-qualified or public purpose-quali-	32
fied and have been authorized for use in state payments. The state treasurer	33
may suspend or revoke authorization of any payment stablecoin that no longer	34
maintains GENIUS or public purpose qualification or that presents material	35
risk to state operations.	36
(2) Annually, by December 15, the state treasurer shall submit a report	37
to the legislature through the portal provided pursuant to section 67-705,	38
Idaho Code. The report shall be made available to the public and shall in-	39
clude:	40
(a) The current list of authorized payment stablecoins;	41
(b) Any suspended or revoked stablecoins;	42
(c) Transaction volumes and estimated cost savings to the state; and	43
(d) How the use of authorized payment stablecoins will:	44
(i) Provide demonstrable fiscal benefits, revenue opportuni-	45
ties, or cost savings to the state;	46
(ii) Enhance transparency, auditability, or financial stability;	47
or	48

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(iii) Promote competition and innovation within U.S. financial	1
infrastructure.	2
(3) The state treasurer and the state controller shall establish proce-	3
dures for risk assessment, compliance, and safeguards.	4
(4) Notwithstanding the provisions of subsections (2) and (3) of this	5
section, the legislature may suspend or revoke the authorization of any pay-	6
ment stablecoin by adopting a concurrent resolution or through the enactment	7
of a law amending or superseding a list of stablecoins that have been autho-	8
rized for use in state payments by the state treasurer.	9
67-8305. STATE USE OF AUTHORIZED PAYMENT STABLECOINS. (1) The state	10
of Idaho and the state controller may use authorized payment stablecoins to	11
make payments to vendors and contractors.	12
(2) A vendor or contractor may elect, but shall not be required, to re-	13
ceive payment in an authorized payment stablecoin.	14
(3) Payments made using an authorized payment stablecoin shall be	15
deemed valid, final, and enforceable as satisfaction of monetary obliga-	16
tions owed by the state.	17
(4) Prior to electing to receive payment in an authorized payment sta-	18
blecoin, a vendor or contractor shall be provided disclosures relating to	19
redemption rights, reserve backing, audit standards, and digital-asset cus-	20
tody risks.	21
(5) The state treasurer and the state controller shall establish secure	22
systems and procedures for the use of authorized payment stablecoins and may	23
contract with private entities to implement necessary infrastructure.	24
(6) The state treasurer shall coordinate with applicable federal reg-	25
ulators to ensure compliance with the GENIUS act and with applicable state	26
regulators to ensure compliance with public purpose regulations and shall	27
not impose issuer requirements inconsistent with federal law.	28
67-8306. INTERSTATE COORDINATION. The state treasurer and the state	29
controller, acting jointly, are authorized to enter into memoranda of under-	30
standing, cooperative agreements, or information-sharing arrangements with	31
other states and with federal agencies for the evaluation, integration, or	32
utilization of public purpose-qualified stablecoins.	33
SECTION 2. SEVERABILITY. The provisions of this act are hereby declared	34
to be severable and if any provision of this act or the application of such	35
provision to any person or circumstance is declared invalid for any reason,	36
such declaration shall not affect the validity of the remaining portions of	37
this act.	38
SECTION 3. An emergency existing therefor, which emergency is hereby	39
declared to exist, this act shall be in full force and effect on and after	40
July 1, 2026.	41

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