The proposed legislation, known as the "FAST Act," introduces a new Chapter 83 to Title 67 of the Idaho Code, aimed at facilitating the use of payment stablecoins for state transactions. The act emphasizes the necessity of timely payments to state vendors and contractors, highlighting that utilizing payment stablecoins backed by U.S. dollar reserves can enhance financial efficiency and transparency. It defines "authorized payment stablecoins" as those that meet the qualifications set forth in the federal GENIUS Act, which includes criteria for issuer qualifications, reserve standards, and consumer protections. The state treasurer is tasked with maintaining a list of authorized stablecoins and submitting an annual report to the legislature detailing their usage and associated benefits.

Additionally, the act allows the state of Idaho to make payments to vendors and contractors using these authorized stablecoins, while ensuring that vendors have the option to accept or decline such payments. It mandates that vendors receive disclosures regarding the risks and standards associated with stablecoin payments. The state treasurer and controller are also empowered to establish secure systems for these transactions and coordinate with federal and state regulators to ensure compliance with applicable laws. The act includes a severability clause and declares an emergency, making it effective from July 1, 2026.