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Read. Follow. Verify.Idaho authorizes state payments to vendors using approved cryptocurrency stablecoins under the FAST Act
Last action · February 5, 2026: Reported Printed and Referred to Business
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What This Bill Proposed
Idaho establishes the Financial Accountability Stablecoin Transaction (FAST) Act, allowing the state treasurer and state controller to use qualified for vendor and contractor payments starting July 1, 2026. Vendors and contractors may voluntarily choose to receive payments in approved stablecoins after receiving required disclosures. The state treasurer and state controller must maintain an annual public list of authorized stablecoins and report annually on transaction volumes and cost savings.
State contractors and vendors gain the option to accept payments in digital assets backed by U.S. dollars, while state financial officers assume new duties to vet issuers, establish secure infrastructure, and report annually to the legislature.
- The federal GENIUS Act establishes a comprehensive framework for payment stablecoins, covering issuer qualifications and reserve standards. context
- House Bill 586 was introduced in the Idaho House of Representatives during the Second Regular Session of the Sixty-eighth Legislature. context
Who It Would Have Affected
Groups the bill's text would have affected, as described in the record. Being affected is not a position for or against it.
state vendors
State vendors and contractors gain the option to receive payments in authorized payment stablecoins after receiving mandatory disclosures.
state contractors
State vendors and contractors gain the option to receive payments in authorized payment stablecoins after receiving mandatory disclosures.
state treasurer
The state treasurer and state controller must jointly maintain authorized stablecoin lists, submit annual reports, and establish secure systems and risk assessment procedures.
state controller
The state treasurer and state controller must jointly maintain authorized stablecoin lists, submit annual reports, and establish secure systems and risk assessment procedures.
Key Facts
- The FAST Act creates Chapter 83, Title 67, Idaho Code, to govern the authorization and use of payment stablecoins.
- Authorized payment stablecoins include GENIUS-qualified stablecoins and public purpose-qualified stablecoins.
- GENIUS-qualified stablecoins must demonstrate at least $2,000,000,000 in aggregate transaction volume during the preceding twelve months.
- Annually by January 1, the state treasurer and state controller must jointly publish a list of authorized payment stablecoins.
Show all 7 facts
- Annually by December 15, the state treasurer and state controller must submit a report to the legislature detailing authorized lists, transaction volumes, and estimated cost savings.
- Vendors and contractors are not required to accept stablecoins and may elect to receive payments in them only after receiving disclosures on redemption rights and reserve backing.
- The legislature may suspend or revoke stablecoin authorizations by adopting a concurrent resolution or enacting a superseding law.
Frequently Asked Questions
Are state vendors required to accept payment in stablecoins?
Who is responsible for publishing the list of approved stablecoins?
What criteria must a stablecoin meet to be GENIUS-qualified?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
This bill did not become law - Died at adjournment · in House committee.
Procedural history
2 actions- Feb 5, 2026CommitteeReported Printed and Referred to Business
- Feb 4, 2026IntroducedIntroduced, read first time, referred to JRA 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.
Adoption of Digital Assets for State Disbursements
Idaho introduces a formal mechanism to integrate federally qualified and state-issued stablecoins into state vendor payment workflows.
Connected Entities
Sources
legislature.idaho.gov
Analysis Score
0–100- Significance20Lowered because this bill did not pass (its text scored 65)
- Controversy45Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz40Current news / social attention level
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