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 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 establishes definitions for "authorized payment stablecoin," "GENIUS-qualified stablecoin," and "public purpose-qualified stablecoin," and outlines the criteria for their authorization and use by the state. The state treasurer is tasked with maintaining a list of authorized stablecoins and submitting an annual report to the legislature detailing their usage and benefits.

Additionally, the bill allows the state of Idaho to make payments to vendors and contractors using authorized payment stablecoins, which are deemed valid and enforceable for settling monetary obligations. Vendors and contractors can choose to receive payments in stablecoins but must be informed of the associated risks and rights. The state treasurer and controller are also empowered to coordinate with federal and other state regulators to ensure compliance with relevant laws. The act includes a severability clause and declares an emergency, making it effective from July 1, 2026.