Pennsylvania is advancing legislation that could establish a state-level regulatory framework for payment stablecoins and enable qualifying financial-service providers in the Commonwealth to issue them.

Unlike Wyoming's FRNT or North Dakota's Roughrider Coin, however, Pennsylvania has not announced a Commonwealth-issued state-backed stable token.

StableTokens is therefore monitoring Pennsylvania as an important emerging state-level stablecoin jurisdiction while distinguishing regulatory development from direct state issuance.

Status: 🟡 Investigating / Under Review

Pennsylvania has entered a significant new phase of stablecoin policy development.

On June 17, 2026, House Bill 2647 was introduced in the Pennsylvania House of Representatives and referred to the Committee on Commerce.

The legislation proposes a dedicated stablecoin licensing framework under Pennsylvania banking law and states that one of its purposes is to enable financial-service providers in the Commonwealth to have the opportunity to issue stablecoins. 

This represents meaningful state-level stablecoin activity.

However, the distinction is important: HB 2647 does not establish a Pennsylvania-issued stable token. Instead, it creates a proposed regulatory pathway through which qualifying private entities could become Pennsylvania-qualified payment stablecoin issuers.

For that reason, StableTokens does not currently classify Pennsylvania alongside states actively implementing a government-backed token.

StableTokens prioritises primary government and legislative sources when assessing Pennsylvania's classification.

Pennsylvania General Assembly - House Bill 2647
Official bill information, legislative status, sponsors and history.

View Pennsylvania HB 2647 →

Pennsylvania General Assembly - HB 2647 Full Bill Text
Official legislative text establishing the proposed Stablecoin Licensing chapter of Pennsylvania banking law.

Read the full HB 2647 legislation →

Pennsylvania General Assembly - HB 2664 (2024)
Earlier legislation concerning Pennsylvania state investment in Bitcoin and other digital assets. This legislation is relevant to Pennsylvania's broader digital-asset policy history but did not establish a stable token programme.

View Pennsylvania HB 2664 →

House Bill 2647 would add a new Stablecoin Licensing chapter to Pennsylvania's banking laws.

Its stated purposes include implementing the federal GENIUS Act, providing for regulation of payment stablecoins issued by Pennsylvania licensees and enabling financial-service providers in Pennsylvania to have the opportunity to issue stablecoins. 

Under the proposal, a qualifying domestic entity could apply to the Pennsylvania Department of Banking and Securities to become a Pennsylvania qualified payment stablecoin issuer.

This would give Pennsylvania a formal state regulatory pathway for payment stablecoin issuance.

It would not, by itself, create a token issued by the Commonwealth of Pennsylvania.

HB 2647 contains substantial proposed reserve requirements for licensed payment stablecoin issuers.

Under the bill, issuers would be required to maintain identifiable reserves backing outstanding payment stablecoins on at least a one-to-one basis. Permitted assets include U.S. currency, qualifying bank deposits and short-duration U.S. Treasury securities, among other specified highly liquid instruments. 

The legislation also establishes requirements covering areas including audits and reporting, compliance, customer identification, sanctions controls and redemption.

These provisions make Pennsylvania particularly relevant to StableTokens' research into how individual states may build regulatory infrastructure around stable digital money.

Pennsylvania demonstrates an important distinction emerging in the U.S. state stablecoin landscape.

States do not all appear to be following the same model.

Wyoming has established a public framework resulting in FRNT. North Dakota is developing Roughrider Coin through the state-owned Bank of North Dakota.

Pennsylvania is currently pursuing a different path: building a regulatory framework under which qualifying entities could issue payment stablecoins under state supervision.

That does not make Pennsylvania a state-backed stable token issuer today.

But it could establish important legal and regulatory infrastructure should Pennsylvania pursue deeper involvement in public digital money in the future.

HB 2647 explicitly states that one of its purposes is to implement the federal GENIUS Act at the Commonwealth level. 

This is significant because it illustrates how federal stablecoin legislation can translate into state-level regulatory frameworks.

Rather than replacing federal oversight, the Pennsylvania proposal seeks to establish a state licensing structure operating within the emerging national payment-stablecoin framework.

StableTokens will monitor whether this regulatory pathway ultimately leads to Pennsylvania-chartered issuers, public-sector payment applications or proposals involving the Commonwealth itself.

Under HB 2647, the Pennsylvania Department of Banking and Securities would have a central regulatory role.

The proposed legislation provides for licensing, regulation and supervision of qualifying Pennsylvania payment stablecoin issuers.

It also contemplates regulatory requirements covering reserves, audits, reporting, compliance and other safeguards. 

This represents genuine public regulatory involvement, but it should not be confused with public ownership or issuance of the underlying stablecoins.

Pennsylvania's interest in digital assets predates HB 2647.

In November 2024, HB 2664 - the proposed Bitcoin Strategic Reserve Act - was introduced. It would have authorised the State Treasurer to invest a portion of certain state funds in Bitcoin or other digital assets. The bill was referred to the House Finance Committee. 

That proposal was concerned with state investment rather than stablecoin issuance, but it provides useful context for Pennsylvania's evolving engagement with digital assets.

StableTokens treats these developments separately rather than presenting all digital-asset legislation as evidence of a state-backed stable token programme.

Pennsylvania HB 2664, the proposed Bitcoin Strategic Reserve Act, was introduced and referred to the House Finance Committee.

The proposal concerned state investment in Bitcoin and digital assets rather than creation of a state-backed stable token. 

Representatives Scott Conklin and Benjamin Sanchez introduced HB 2647.

The legislation proposes a Pennsylvania stablecoin licensing regime and was referred to the House Committee on Commerce on June 17, 2026. 

StableTokens continues to classify Pennsylvania as 🟡 Investigating / Under Review.

The Commonwealth has meaningful stablecoin legislation under consideration, but StableTokens has not identified an official Pennsylvania programme actively developing a Commonwealth-issued state-backed stable token.

StableTokens will monitor Pennsylvania for:

• Progress of HB 2647 through the General Assembly. 
• Amendments to Pennsylvania's proposed stablecoin framework. 
• Pennsylvania Department of Banking and Securities activity. 
• Establishment of a state stablecoin licensing regime. 
• Applications from Pennsylvania-qualified payment stablecoin issuers. 
• Reserve, audit and transparency requirements. 
• Public-sector stablecoin payment initiatives. 
• Any proposal for Commonwealth issuance or sponsorship of a stable token. 

A move toward direct Commonwealth issuance, state financial backing or an official implementation programme could result in Pennsylvania's StableTokens classification being upgraded.

Pennsylvania: 🟡 Investigating / Under Review

Pennsylvania has moved beyond general discussion of digital assets and now has specific payment-stablecoin legislation before the General Assembly.

However, StableTokens has not identified verified evidence that Pennsylvania is currently developing a Commonwealth-issued or Commonwealth-backed stable token.

For that reason, Pennsylvania remains Investigating / Under Review rather than In Development.

This distinction is central to the StableTokens methodology: regulating stablecoins is not the same as issuing a state-backed stable token.

Last updated: September 2026

Editorial Standard: Evidence-based. Transparent. Public.

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