Payment Stablecoin Clarity Act

The legislative framework governing the secondary market structure, trading, and jurisdictional oversight of digital assets, including stablecoins. Unlike its earlier iterations which focused on issuance, the 2025 enactment focuses on defining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital asset exchanges, broker-dealers, and custodians. It creates a "safe harbor" for compliant stablecoins to be traded on registered platforms without triggering securities registration requirements.

Operational Role

For exchanges and custodians, this Act provides the legal certainty required to list payment stablecoins alongside other digital assets. It mandates that trading platforms segregate customer funds, adhere to best execution standards, and maintain interoperability between different stablecoin ledgers. It effectively removes the "security vs. commodity" ambiguity for stablecoins used as payment instruments on trading venues.