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Read. Follow. Verify.Idaho authorizes state payments using qualified digital stablecoins and establishes compliance reporting
Last action · March 27, 2026: Read First Time, Referred to Commerce & Human Resources
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What This Bill Would Do
Idaho establishes the Financial Accountability Stablecoin Transaction (FAST) Act, allowing the state and state controller to make voluntary payments to vendors and contractors using authorized U.S. dollar-backed s starting July 1, 2026. The department of finance must publish an annual list of eligible stablecoins, and the state treasurer must submit annual compliance and savings reports to the legislature beginning December 15, 2027.
State vendors and contractors gain a voluntary option to receive public funds in digital currency backed by U.S. reserves, while state agencies implement new operational, accounting, and risk management procedures for digital transactions.
- The federal GENIUS Act (P.L. 119-27) establishes a comprehensive federal framework governing payment stablecoins, including issuer qualifications and reserve standards. context
- Senate Bill No. 1423 was introduced during the Sixty-eighth Idaho Legislature Second Regular Session by the State Affairs Committee. context
Who It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
State vendors and contractors
Vendors and contractors are given the voluntary option to receive state payments in authorized payment stablecoins after receiving required disclosures.
Department of Finance
The department is required to compile, maintain, and publish an annual list of authorized payment stablecoins and establish regulatory compliance standards.
State Treasurer
The state treasurer must submit annual reports to the legislature starting December 15, 2027, establish operational risk procedures, and coordinate with federal and state regulators.
State Controller
The state controller must establish accounting controls and audit requirements and is authorized to use stablecoins for state vendor payments.
Key Facts
- Establishes the Financial Accountability Stablecoin Transaction (FAST) Act under Title 67, Idaho Code, effective July 1, 2026.
- Defines 'GENIUS-qualified stablecoin' as fully backed by U.S. dollars or treasuries, redeemable at par on demand, demonstrating at least $2,000,000,000 in aggregate transaction volume over the preceding 12 months, and issued by a U.S.-headquartered entity subject to quarterly independent attestations.
- Defines 'Public purpose-qualified stablecoin' as issued by a U.S. state, fully backed by U.S. dollars or treasuries with statutory over-collateralization, and providing a public benefit to Idaho through a revenue-sharing or similar agreement.
- Requires the department of finance to compile, maintain, and publish an annual list of authorized payment stablecoins by January 1.
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- Requires the state treasurer to submit a report to the legislature by December 15, 2027, and annually thereafter detailing transaction volumes, estimated cost savings, and fiscal benefits.
- Mandates that the department of finance, state treasurer, and state controller establish compliance standards, operational risk procedures, and accounting controls.
- Allows the legislature to suspend or revoke stablecoin authorizations through a concurrent resolution or enacted law.
- Permits state agencies and the state controller to use authorized payment stablecoins to pay vendors and contractors, provided the vendor elects to receive them.
- Requires vendors and contractors to receive disclosures on redemption rights, reserve backing, audit standards, and digital-asset custody risks before electing stablecoin payment.
Frequently Asked Questions
Are state vendors required to accept payment in stablecoins?
Who determines which stablecoins are authorized for state use?
When does the FAST Act take effect?
What criteria must a private stablecoin meet to be authorized?
What else do you want to know?
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Votes, people, money & the original sourceWhere This Stands
Currently passed both. The next step in the legislative lifecycle is Law.
Procedural history
7 actions- Mar 27, 2026IntroducedRead First Time, Referred to Commerce & Human Resources
- Mar 27, 2026Received from the Senate, Filed for First Reading
- Mar 27, 2026FloorRead third time in full – PASSED - 22-13-0 AYES – Adams, Anthon, Bernt, Bjerke(Bjerke), Burtenshaw, Cook, Den Hartog, Galloway, Grow, Guthrie, Harris, Lakey, Lent, Rabe, Ricks, Ruchti, Semmelroth, Taylor, Toews, VanOrden, Ward-Engelking, Woodward NAYS – Blaylock, Carlson, Foreman, Hart, Keyser, Kohl, Lenney, Nichols, Okuniewicz, Shippy, Wintrow, Zito, Zuiderveld Absent and excused – None Floor Sponsor - Anthon Title apvd - to House
- Mar 26, 2026Read second time; filed for Third Reading
- Mar 25, 2026Reported out of Committee with Do Pass Recommendation; Filed for second reading
- Mar 24, 2026CommitteeReported Printed; referred to State Affairs
Show 1 earlier action
- Mar 23, 2026IntroducedIntroduced; read first time; referred to JR for Printing
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Integration of Digital Assets in State Disbursements
Idaho is establishing formal statutory mechanisms to utilize privately issued and public-purpose digital stablecoins for routine government vendor disbursements.
Connected Entities
Sources
legislature.idaho.gov
Analysis Score
0–100- Significance75How much this matters to a regular citizen
- Controversy50Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz60Current news / social attention level
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