The proposed bill introduces a new chapter, Chapter 83, to Title 67 of the Idaho Code, known as the "FAST Act," which aims to facilitate the use of authorized payment stablecoins for state transactions. The act emphasizes the necessity of timely payments to state vendors and contractors, highlighting the potential benefits of using stablecoins, such as reduced transaction costs and improved financial transparency. It establishes definitions for "authorized payment stablecoin," "GENIUS-qualified stablecoin," and "public purpose-qualified stablecoin," and outlines the criteria for these classifications, including requirements for backing, redemption, and issuer qualifications.

Additionally, the bill mandates that the state treasurer and state controller jointly maintain and publish an annual list of authorized payment stablecoins and submit a report to the legislature detailing transaction volumes and cost savings. The act allows the state to utilize these stablecoins for payments, with vendors having the option to accept them. It also provides for interstate coordination and the establishment of secure systems for stablecoin transactions, while ensuring compliance with federal regulations. The act is set to take effect on July 1, 2026, and includes a severability clause to maintain the validity of its provisions if any part is found invalid.