In this latest White Paper on our Bill analysis, we underscore headline proposals in the Lummis-Gillibrand Responsible Financial Innovation Act (the "Bill") regarding the issuance and regulation of a "payment stablecoin," which the Bill defines as a digital asset issued by a business entity that is "redeemable on demand" for legal tender, "backed by 1 or more financial assets," and is "intended to be used as a medium of exchange." Stablecoin regulation has received renewed attention after the collapse of the algorithmic stablecoin TerraUSD, which was not fully backed with cash or assets.