[Congressional Record Volume 171, Number 86 (Wednesday, May 21, 2025)]
[Senate]
[Page S3082]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2250. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       In section 4(a)(1), strike subparagraph (A) and insert the 
     following:
       (A) maintain reserves backing the issuer's payment 
     stablecoins outstanding on an at least 1 to 1 basis, with 
     reserves comprising--
       (i) United States coins and currency (including Federal 
     reserve notes);
       (ii) funds held as insured demand deposits (or other 
     deposits that may be withdrawn upon request at any time) at 
     insured depository institutions or insured shares at insured 
     depository institutions, subject to limitations established 
     by the Corporation and the National Credit Union 
     Administration, respectively, to address safety and soundness 
     risks of such insured depository institutions; or
       (iii) Treasury bills--

       (I)(aa) with a remaining maturity of 93 days or less; or
       (bb) issued with a maturity of 93 days or less; and
       (II) with a weighted average maturity of not more than 30 
     days;

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