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LEGISLATURE
OF
THE
STATE
OF
IDAHO
Sixty-eighth
Legislature
Second
Regular
Session
-
2026
IN
THE
HOUSE
OF
REPRESENTATIVES
HOUSE
BILL
NO.
821
BY
WAYS
AND
MEANS
COMMITTEE
AN
ACT
1
RELATING
TO
THE
FAST
ACT;
AMENDING
TITLE
67,
IDAHO
CODE,
BY
THE
ADDITION
OF
A
2
NEW
CHAPTER
83,
TITLE
67,
IDAHO
CODE,
TO
PROVIDE
A
SHORT
TITLE,
TO
PRO
-
3
VIDE
A
DECLARATION
OF
NECESSITY,
TO
DEFINE
TERMS,
TO
PROVIDE
FOR
A
LIST
4
OF
AUTHORIZED
PAYMENT
STABLECOINS,
REQUIRE
A
CERTAIN
REPORT,
AND
PRO
-
5
VIDE
FOR
CERTAIN
LEGISLATIVE
AUTHORITY,
TO
PROVIDE
FOR
STATE
USE
OF
AU
-
6
THORIZED
PAYMENT
STABLECOINS,
AND
TO
PROVIDE
FOR
INTERSTATE
COORDINA
-
7
TION;
PROVIDING
SEVERABILITY;
AND
DECLARING
AN
EMERGENCY
AND
PROVIDING
8
AN
EFFECTIVE
DATE.
9
Be
It
Enacted
by
the
Legislature
of
the
State
of
Idaho:
10
SECTION
1.
That
Title
67,
Idaho
Code,
be,
and
the
same
is
hereby
amended
1
1
by
the
addition
thereto
of
a
NEW
CHAPTER
,
to
be
known
and
designated
as
Chap
-
12
ter
83,
Title
67,
Idaho
Code,
and
to
read
as
follows:
13
CHAPTER
83
14
FINANCIAL
ACCOUNTABILITY
STABLECOIN
TRANSACTION
(FAST)
ACT
15
67
-
8301.
SHORT
TITLE.
This
act
shall
be
known
and
may
be
cited
as
the
16
"FAST
Act."
17
67
-
8302.
DECLARATION
OF
NECESSITY.
The
legislature
finds
that:
18
(1)
Timely
and
efficient
payment
of
obligations
to
state
vendors
and
19
contractors
is
essential
to
the
operation
of
state
government;
20
(2)
The
use
of
payment
stablecoins
backed
by
U.S.
dollar
-
denominated
21
reserves
may
reduce
transaction
costs,
improve
financial
transparency,
and
22
expedite
payment
delivery;
23
(3)
The
federal
guiding
and
establishing
national
innovation
for
U.S.
24
stablecoins
act
(GENIUS
act),
P.L.
119
-
27,
establishes
a
comprehensive
fed
-
25
eral
framework
governing
payment
stablecoins,
including
issuer
qualifica
-
26
tion,
reserve
standards,
consumer
protections,
and
enforcement;
27
(4)
States
are
authorized
under
the
GENIUS
act
to
recognize
and
use
per
-
28
mitted
payment
stablecoin
issuers
and
to
adopt
substantially
similar
frame
-
29
works
for
oversight
of
state
-
level
usage;
and
30
(5)
It
is
the
purpose
of
this
chapter
to
authorize
the
state
to
recog
-
31
nize
and
use
privately
issued
payment
stablecoins
qualified
under
the
GENIUS
32
act
and
state
-
issued,
public
purpose
-
qualified
stablecoins.
33
67
-
8303.
DEFINITIONS.
For
the
purposes
of
this
chapter:
34
(1)
"Authorized
payment
stablecoin"
means
a
GENIUS
-
qualified
or
pub
-
35
lic
purpose
-
qualified
stablecoin
that
has
been
authorized
for
state
use
pur
-
36
suant
to
section
67
-
8304,
Idaho
Code.
37
(2)
"GENIUS
-
qualified
stablecoin"
means
a
payment
stablecoin
that
is:
38
2
(a)
Approved,
certified,
listed,
or
otherwise
authorized
under
the
GE
-
1
NIUS
act,
including
any
rule,
order,
or
regulation
issued
pursuant
to
2
the
GENIUS
act;
3
(b)
Fully
backed
on
a
one
-
to
-
one
basis
by
U.S.
dollars
or
U.S.
treasury
4
obligations;
5
(c)
Redeemable
at
par
value
on
demand;
6
(d)
Fungible
and
transferable
on
regulated
banking
platforms,
ex
-
7
changes,
or
open
markets;
8
(e)
Sufficient
for
operational
scale
and
market
usage,
demonstrating
9
no
less
than
two
billion
dollars
($2,000,000,000)
in
aggregate
trans
-
10
action
volume
during
the
preceding
twelve
(12)
months,
as
verified
1
1
through
publicly
available
disclosures,
independent
audits,
or
other
12
reliable
documentation
acceptable
to
the
state
treasurer;
and
13
(f)
Issued
by
a
corporation
or
entity:
14
(i)
That
is
incorporated
and
headquartered
in
the
United
States;
15
(ii)
Whose
corporate
founders
are
United
States
citizens;
16
(iii)
Whose
controlling
shareholders
are
United
States
citizens;
17
(iv)
That
maintains
reserves
in
accounts
held
in
banks
chartered
18
within
the
United
States
or
with
federally
regulated
custodians;
19
(v)
That
is
subject
to
quarterly
independent
attestations
by
an
20
accounting
firm
that
is
currently
registered
with
the
public
com
-
21
pany
accounting
oversight
board;
and
22
(vi)
That
publishes
monthly
reserve
reports
disclosing
asset
com
-
23
position
and
location.
24
(3)
"Public
purpose
-
qualified
stablecoin"
means
any
public
entity
25
stablecoin
issued
by
a
U.S.
state
and
fully
backed
by
U.S.
dollars
or
U.S.
26
treasury
obligations
with
statutory
over
-
collateralization.
Public
pur
-
27
pose
-
qualified
stablecoins
must
provide
a
public
benefit
to
Idaho
through
a
28
revenue
-
sharing
agreement
or
substantially
similar
benefit
agreement.
29
67
-
8304.
LIST
OF
AUTHORIZED
PAYMENT
STABLECOINS
-
-
REPORT.
(1)
Annu
-
30
ally,
by
January
1,
the
state
treasurer
shall
maintain
and
publish
a
list
31
of
payment
stablecoins
that
are
GENIUS
-
qualified
or
public
purpose
-
quali
-
32
fied
and
have
been
authorized
for
use
in
state
payments.
The
state
treasurer
33
may
suspend
or
revoke
authorization
of
any
payment
stablecoin
that
no
longer
34
maintains
GENIUS
or
public
purpose
qualification
or
that
presents
material
35
risk
to
state
operations.
36
(2)
Annually,
by
December
15,
the
state
treasurer
shall
submit
a
report
37
to
the
legislature
through
the
portal
provided
pursuant
to
section
67
-
705,
38
Idaho
Code.
The
report
shall
be
made
available
to
the
public
and
shall
in
-
39
clude:
40
(a)
The
current
list
of
authorized
payment
stablecoins;
41
(b)
Any
suspended
or
revoked
stablecoins;
42
(c)
Transaction
volumes
and
estimated
cost
savings
to
the
state;
and
43
(d)
How
the
use
of
authorized
payment
stablecoins
will:
44
(i)
Provide
demonstrable
fiscal
benefits,
revenue
opportuni
-
45
ties,
or
cost
savings
to
the
state;
46
(ii)
Enhance
transparency,
auditability,
or
financial
stability;
47
or
48
3
(iii)
Promote
competition
and
innovation
within
U.S.
financial
1
infrastructure.
2
(3)
The
state
treasurer
and
the
state
controller
shall
establish
proce
-
3
dures
for
risk
assessment,
compliance,
and
safeguards.
4
(4)
Notwithstanding
the
provisions
of
subsections
(2)
and
(3)
of
this
5
section,
the
legislature
may
suspend
or
revoke
the
authorization
of
any
pay
-
6
ment
stablecoin
by
adopting
a
concurrent
resolution
or
through
the
enactment
7
of
a
law
amending
or
superseding
a
list
of
stablecoins
that
have
been
autho
-
8
rized
for
use
in
state
payments
by
the
state
treasurer.
9
67
-
8305.
STATE
USE
OF
AUTHORIZED
PAYMENT
STABLECOINS.
(1)
The
state
10
of
Idaho
and
the
state
controller
may
use
authorized
payment
stablecoins
to
1
1
make
payments
to
vendors
and
contractors.
12
(2)
A
vendor
or
contractor
may
elect,
but
shall
not
be
required,
to
re
-
13
ceive
payment
in
an
authorized
payment
stablecoin.
14
(3)
Payments
made
using
an
authorized
payment
stablecoin
shall
be
15
deemed
valid,
final,
and
enforceable
as
satisfaction
of
monetary
obliga
-
16
tions
owed
by
the
state.
17
(4)
Prior
to
electing
to
receive
payment
in
an
authorized
payment
sta
-
18
blecoin,
a
vendor
or
contractor
shall
be
provided
disclosures
relating
to
19
redemption
rights,
reserve
backing,
audit
standards,
and
digital
-
asset
cus
-
20
tody
risks.
21
(5)
The
state
treasurer
and
the
state
controller
shall
establish
secure
22
systems
and
procedures
for
the
use
of
authorized
payment
stablecoins
and
may
23
contract
with
private
entities
to
implement
necessary
infrastructure.
24
(6)
The
state
treasurer
shall
coordinate
with
applicable
federal
reg
-
25
ulators
to
ensure
compliance
with
the
GENIUS
act
and
with
applicable
state
26
regulators
to
ensure
compliance
with
public
purpose
regulations
and
shall
27
not
impose
issuer
requirements
inconsistent
with
federal
law.
28
67
-
8306.
INTERSTATE
COORDINATION.
The
state
treasurer
and
the
state
29
controller,
acting
jointly,
are
authorized
to
enter
into
memoranda
of
under
-
30
standing,
cooperative
agreements,
or
information
-
sharing
arrangements
with
31
other
states
and
with
federal
agencies
for
the
evaluation,
integration,
or
32
utilization
of
public
purpose
-
qualified
stablecoins.
33
SECTION
2.
SEVERABILITY.
The
provisions
of
this
act
are
hereby
declared
34
to
be
severable
and
if
any
provision
of
this
act
or
the
application
of
such
35
provision
to
any
person
or
circumstance
is
declared
invalid
for
any
reason,
36
such
declaration
shall
not
affect
the
validity
of
the
remaining
portions
of
37
this
act.
38
SECTION
3.
An
emergency
existing
therefor,
which
emergency
is
hereby
39
declared
to
exist,
this
act
shall
be
in
full
force
and
effect
on
and
after
40
July
1,
2026.
41