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HB544 INTRODUCED
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HB544
XDU5L77-1
By Representative Shaw
RFD: Financial Services
First Read: 03-Mar-26
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XDU5L77-1 03/02/2026 JWB (L)JWB 2026-1150
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First Read: 03-Mar-26
SYNOPSIS:
This bill would authorize governmental entities
to pay for contracts, if requested by the vendor or
contractor, using payment stablecoins.
This bill would authorize the Alabama Securities
Commission to recognize certain payment stablecoins for
governmental use.
This bill would also require the governmental
entity to provide certain disclosures to vendors and
contractors before executing a contract where a payment
stablecoin is used as payment.
A BILL
TO BE ENTITLED
AN ACT
Relating to cryptocurrency; to authorize the Alabama
Securities Commission to recognize certain payment stablecoins
for use by governmental entities; to authorize governmental
entities to pay vendors and contractors using payment
stablecoins; and to require governmental entities to give
certain disclosures when paying vendors or contractors using
payment stablecoins.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
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BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. (a) For purposes of this section, the
following terms have the following meanings:
(1) COMMISSION. The Alabama Securities Commission.
(2) GENIUS ACT. The Guiding and Establishing National
Innovation for U.S. Stablecoins Act, 12 U.S.C. §§ 5901-5916.
(3) GOVERNMENTAL ENTITY. Any state or local agency or
instrumentality located in the state.
(4) PAYMENT STABLECOIN. A digital asset or assets
designed to maintain a stable value that is, or is designed to
be, used as a means of payment or settlement. The issuer of
the payment stablecoin:
a. Is obligated to convert, redeem, or repurchase the
payment stablecoin for a fixed amount of monetary value; and
b. Represents, or creates the reasonable expectation,
that the payment stablecoin will maintain a stable value
relative to the value of a fixed amount of monetary value.
(b)(1) Governmental entities may use the following
types of payment stablecoins to make payments to vendors or
contractors for contracted goods or services:
a. Payment stablecoins approved by the commission for
use by governmental entities pursuant to subsection (c).
b. Payment stablecoins issued by payment stablecoin
issuers that are authorized by a federal governmental entity
pursuant to the GENIUS Act.
(2) Vendors and contractors may elect to receive
payment in an authorized payment stablecoin. If the vendor or
contractor elects to receive payment in a payment stablecoin,
the payment shall be enforceable as satisfaction of the
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the payment shall be enforceable as satisfaction of the
monetary obligations owed by the state. No vendor or
contractor shall be required to accept payment stablecoin as
consideration.
(c) The commission may recognize and authorize any
payment stablecoin that complies with the following
requirements:
(1) The payment stablecoin is issued by a person that
is incorporated and headquartered in the United States.
(2) The payment stablecoin issuer has corporate
founders and controlling shareholders who are United States
citizens.
(3) The payment stablecoin is fully backed on a
one-to-one basis by the United States dollar or short-term
United States Treasury obligations.
(4) The stablecoin issuer maintains reserves held in
accounts with United States-chartered banks or federally
regulated custodians.
(5) The payment stablecoin is redeemable at par value
on demand by the holder.
(6) The payment stablecoin is subject to quarterly
independent attestations by an accounting firm registered with
the Public Company Accounting Oversight Board.
(7) The payment stablecoin issuer publishes monthly
reserve reports disclosing asset composition and location.
(8) The payment stablecoin issuer and payment
stablecoin both operate in compliance with the GENIUS Act and
all regulations issued thereunder.
(d) The commission shall not authorize any payment
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(d) The commission shall not authorize any payment
stablecoin if the payment stablecoin is:
(1) Issued by any entity that is headquartered outside
the United States;
(2) Issued by any entity that is controlled by
individuals who are not citizens of the United States;
(3) Backed by synthetic assets, commodities, foreign
currencies, or other digital assets; or
(4) Issued by an entity that is not a permitted
stablecoin issuer authorized by the commission or the federal
government pursuant to the GENIUS Act.
(e) The commission shall maintain a list of all payment
stablecoins that may be used in government contracting
pursuant to subsection (b) and shall publish the list on the
commission's website.
(f) The commission shall conduct an annual review of
all payment stablecoins authorized pursuant to subsection (c)
and may suspend or revoke recognition of any payment
stablecoin that fails to meet the requirements in subsections
(c) and (d).
(g) Before executing an agreement to pay vendors and
contractors with a payment stablecoin under this section, the
governmental entity shall provide a disclosure to the vendor
or contractor that outlines the redemption rights and
procedures of the applicable payment stablecoin, the reserve
backing and audit requirements for payment stablecoins under
this section and the GENIUS Act, and the risks that are
associated with digital asset custody and use.
(h) The commission shall adopt rules to implement and
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(h) The commission shall adopt rules to implement and
administer this section.
Section 2. This act shall become effective on October
1, 2026.
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