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 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 their authorization, including compliance with the federal GENIUS Act. The Department of Finance is tasked with maintaining a list of authorized stablecoins and reporting annually on their usage and benefits.

Additionally, the act allows the state of Idaho to utilize these stablecoins for payments, while vendors and contractors can choose to accept them. It mandates that vendors receive disclosures regarding the risks and standards associated with stablecoin payments. The state treasurer and controller are authorized to create secure systems for these transactions and to coordinate with federal and state regulators to ensure compliance. The act also permits the state to enter into agreements with other states and federal agencies for the evaluation and use of public purpose-qualified stablecoins. The provisions of the act are declared severable, and it is set to take effect on July 1, 2026.