STATEHOUSE (Jan. 7, 2026) – State Rep. Kyle Pierce (R-Anderson) authored a bill for the 2026 legislative session to establish a clear regulatory framework for payment stablecoins and strengthen consumer protections as digital assets continue to grow in use.
Recently, stablecoin statistics in the U.S. show massive growth, with the total supply passing $300 billion. House Bill 1217 would require payment stablecoins to be issued in Indiana only by licensed payment stablecoin issuers. Beginning July 1, 2028, with limited exceptions, digital asset service providers would be prohibited from offering or selling payment stablecoins in Indiana unless they are issued by a licensed issuer. The bill assigns the Indiana Department of Financial Institutions authority to license, regulate and supervise payment stablecoin issuers.
“Stablecoins are increasingly used for payments and financial transactions, and Hoosiers deserve strong safeguards as this technology evolves,” Pierce said. “This legislation ensures stablecoin issuers operating in Indiana meet clear standards while allowing innovation to continue in a responsible way.”
Stablecoins are a type of digital asset designed to maintain a steady value by being tied to an underlying asset such as the U.S. dollar. Unlike more volatile cryptocurrencies, stablecoins are intended to be used for everyday transactions, transfers and payments because their value does not fluctuate significantly. They are commonly used to move money quickly across borders, facilitate digital payments and provide a more predictable option for consumers using blockchain-based financial services.
Pierce said the bill would outline requirements for licensure, establish reporting and oversight standards and create an appeals process for denied applications. It would also set civil and criminal penalties for violations and clarify how claims would be handled if a licensed issuer becomes insolvent. The legislation aligns Indiana with the federal GENIUS Act, a bipartisan law passed last year that established nationwide standards for payment stablecoins while reinforcing consumer protections and financial stability.
HB 1217 was referred to the House Financial Institutions Committee. For more information, or to watch committee meetings live, visit iga.in.gov.
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State Rep. Kyle Pierce (R-Anderson) represents House District 36,
which includes a portion of Madison County.
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