Tether (USDT) has taken a positive view of the new stable coin regulation in the U.S.

A new stable token bill has been introduced in the U.S. Congress, which has been welcomed by Tether (USDT).
According to Tether, issuer of the world's largest stablecoin (USDT), such regulation could bring clarity and benefit the digital token economy.

Stablecoin bill and Tether's (USDT) reaction

The bill was released on Friday, and its express purpose is to establish requirements for stabelcoin issuers.
Currently, there are no specific laws governing the issuance of stablecoins backed by dollars in the U.S., and this effectively creates a regulatory vacuum that creates uncertainty.
The proposal seeks to fill this gap by creating a viable regulatory framework for stable coins in the U.S. by placing the central bank (Fed) in charge of overseeing non-bank stable coin issuers.
In fact, the new rules, if approved as proposed, would place only insured depository institutions wishing to issue stable coins under the supervision of the appropriate federal banking agency, while all non-bank institutions, such as Tether or Circle issuing USDC, would be supervised by the Fed.
Failure to register with the authorities would face up to five years in prison and a $1 million fine. Any foreign issuers would also have to apply for registration in order to operate in the United States.

Requirements for Stablecoin Issuers

To obtain and maintain such registration, an issuer would have to demonstrate that it has the resources and capacity to maintain the reserves necessary to secure stablecoins in U.S. dollars, treasury bills with maturities of 90 days or less, repurchase agreements with maturities of seven days or less, secured treasury bills with maturities of 90 days or less, and reserve deposits with the central bank.
The last point is interesting because it means that the Fed itself can act as custodian of reserves, or at least part of them, thereby effectively eliminating many of the doubts that still circulate about the guarantee of reserves.
It should not be forgotten that in March, when Silicon Valley Bank closed, the Circle itself found itself without part of the USDC reserves because they were funds held at that bank that had become unavailable.
Bringing in a central bank as a custodian could solve the root of the problem of holding dollars used as steblecoin reserves, since the Fed, by statute, can create as many dollars as it wants.