Key points:
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Limits stablecoin issuance to approved entities, including subsidiaries of insured depository institutions and specific / qualified nonbank issuers.
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Reserve Requirements: Mandates 1:1 backing of stablecoins with specified reserve assets, including US currency, Treasury bills, and certain deposits.
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All issuers must either be domiciled in the US or open a subsidiary in the US (The Act allows limited exceptions for stablecoins issued in jurisdictions with "substantially similar" regulatory frameworks, subject to bilateral agreements and explicit Treasury approval)
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Nonbank issuers will be managed by the Comptroller of the Currency, not the Fed
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All reserves must be in US assets (USD, Treasuries) and managed by independent US custodians
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Issuers with less than 10B in total issuance will be regulated by State of incorporation, for those with issuance greater than 10B they will be regulated by Feds. However, they can petition for a waiver to remain state regulated if they so choose.