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

However, Pennsylvania has not announced, authorised or launched a Commonwealth-issued state-backed stable token.

Status: ⚪ Monitoring — Related State Initiative

StableTokens.com therefore tracks Pennsylvania as an important state-level stablecoin policy development while distinguishing regulation of stablecoin issuers from direct public issuance.

HB 2647, introduced on June 17, 2026, would amend Pennsylvania banking law to establish a licensing and regulatory framework for payment stablecoin issuers.

The bill was referred to the House Commerce Committee on June 17, 2026.

View HB 2647 - Pennsylvania General Assembly

Read the full HB 2647 bill text

Pennsylvania's principal stablecoin development is HB 2647 - Stablecoin Licensing.

The legislation would allow qualifying domestic entities to apply to the Pennsylvania Department of Banking and Securities to become a Pennsylvania qualified payment stablecoin issuer.

It also establishes proposed requirements covering reserves, redemption, reporting, audits, custody and regulatory supervision.

Crucially, the legislation does not create a Pennsylvania stablecoin or authorise the Commonwealth itself to issue one.

Last updated: September 2026

HB 2647 is designed to establish a Pennsylvania regulatory regime for payment stablecoins.

The legislation explicitly states that one of its purposes is to implement the federal GENIUS Act framework and provide financial-service providers in Pennsylvania with an opportunity to issue stablecoins under state supervision.

Under the proposal, a qualifying domestic entity could apply to the Department of Banking and Securities for a licence.

Approved entities could then issue and redeem payment stablecoins, manage reserves and perform associated custody functions subject to the requirements of Pennsylvania law.

That makes HB 2647 a meaningful development in state-level stablecoin policy.

But the issuer would be a licensed entity - not the Commonwealth of Pennsylvania itself.

HB 2647 proposes significant reserve protections.

A licensed payment stablecoin issuer would generally be required to maintain identifiable reserves supporting outstanding stablecoins on at least a one-to-one basis.

Permitted reserve assets include instruments such as:

• U.S. currency; 
• demand deposits; 
• qualifying short-term U.S. Treasury securities; 
• and certain qualifying repurchase agreements and other highly liquid assets. 

The proposed framework also includes reporting, examination and compliance requirements.

These provisions are important because they demonstrate that Pennsylvania is considering a serious regulatory framework for reserve-backed payment stablecoins.

They do not, however, turn those privately issued tokens into state-backed stable tokens.

Pennsylvania illustrates one of the most important distinctions StableTokens.com exists to document.

Stablecoin regulation is not the same thing as state stablecoin issuance.

A state can establish reserve requirements, license issuers, supervise stablecoin companies and regulate redemption without becoming the issuer of the token.

HB 2647 could make Pennsylvania an important state jurisdiction for regulated payment stablecoins.

But unless Pennsylvania establishes a public programme to investigate, develop or issue its own state-backed stable token, it remains outside the three highlighted classifications on the core StableTokens tracker.

HB 2647 is also significant because it directly responds to the emerging federal payment-stablecoin framework.

The legislation states that its purposes include implementing the federal GENIUS Act and establishing state-level supervision of qualified payment stablecoin issuers.

This provides an important example of how individual states may build their own regulatory structures within the developing national stablecoin framework.

StableTokens.com will continue distinguishing these state regulatory regimes from programmes involving actual state-backed issuance.

Under HB 2647, the Pennsylvania Department of Banking and Securities would play the central supervisory role.

Its responsibilities would include licensing qualified issuers and overseeing compliance with requirements relating to reserves, redemption, reporting and other regulatory obligations.

The proposed legislation also contains protections intended to prevent misleading representations.

For example, issuers generally could not use names or marketing suggesting that a stablecoin was issued, guaranteed or approved by Pennsylvania or the United States unless specifically authorised.

That distinction reinforces an important point:

A Pennsylvania-regulated stablecoin would not automatically be a Pennsylvania-backed stablecoin.

Pennsylvania's interest in digital assets predates HB 2647.

During the previous legislative session, lawmakers introduced HB 2664 - the Bitcoin Strategic Reserve Act.

That proposal concerned potential state investment in Bitcoin and other qualifying digital assets rather than creation of a stable token.

View HB 2664 - Pennsylvania General Assembly

Taken together, these initiatives demonstrate growing legislative engagement with digital assets while remaining structurally different from public stable-token issuance.

StableTokens.com currently classifies Pennsylvania as:

⚪ Monitoring - Related State Initiative

This classification reflects the evidence available today.

Pennsylvania has:

✓ introduced substantive payment-stablecoin legislation;
✓ proposed a state licensing and oversight framework;
✓ proposed reserve and redemption requirements;
✓ established a potential role for state financial regulators.

Pennsylvania has not:

✕ announced a Commonwealth-issued stable token;
✕ established a public stable-token issuance programme;
✕ authorised a state agency to issue such a token;
✕ begun implementation of a state-backed stable token.

That is why Pennsylvania does not currently qualify as In Development or Under Review under the StableTokens.com methodology.

Wyoming and Pennsylvania provide a particularly useful comparison.

Wyoming established a public programme specifically designed to create and issue a state-backed stable token, ultimately resulting in FRNT.

Pennsylvania's HB 2647 instead establishes rules under which qualified entities could issue regulated payment stablecoins.

Both involve state government and stablecoins.

But only one currently involves direct state-backed issuance.

This distinction is fundamental to the StableTokens.com tracker.

StableTokens.com will continue monitoring Pennsylvania for:

• progress of HB 2647; 
• committee hearings and amendments; 
• legislative votes; 
• Department of Banking and Securities activity; 
• implementation of any enacted stablecoin framework; 
• new legislation concerning public issuance; 
• and any future proposal for a Commonwealth-backed stable token. 

If Pennsylvania begins formally investigating or developing a state-issued stable token, its tracker classification will be updated accordingly.

StableTokens.com documents the emergence of publicly issued and state-backed stable tokens using verifiable public evidence.

A state does not qualify merely because it regulates stablecoins, licenses private issuers, invests in digital assets or adopts blockchain legislation.

There must be verified public evidence connecting state activity to a potential state-backed stable token.

Evidence comes first.

Transparency comes before hype.

Public finance deserves public facts.

HB 2647 makes Pennsylvania an important state to monitor as U.S. stablecoin regulation develops.

Its progress could help determine how state-qualified payment stablecoin issuers operate alongside the federal regulatory framework.

But as of September 2026:

⚪ Status: Monitoring - Related State Initiative

Key development: HB 2647 - Stablecoin Licensing
Model: State regulation of qualified payment stablecoin issuers
Proposed regulator: Pennsylvania Department of Banking and Securities
Reserve model: Proposed minimum 1:1 backing
Verified Commonwealth-issued stable token: None currently identified

StableTokens.com will update Pennsylvania's classification when verified public evidence supports a change.

StableTokens.com exists to document, explain and track the emergence of publicly issued stable tokens in the United States.

Every classification is based on official legislation, executive action, commission activity, treasury publications or government announcements.

Evidence-based. Transparent. Public.

Compare this state with verified state-backed stable token activity across all 50 U.S. states.

← Explore the Interactive U.S. State Tracker

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