Foreign Stablecoin Transparency Act

This legislation amends the GENIUS Act to establish financial reporting and auditing standards for large foreign payment stablecoin issuers. Specifically, foreign issuers with more than $50 billion in outstanding stablecoins must prepare annual financial statements according to GAAP. Additionally, they must engage a registered public accounting firm to perform an audit under Public Company Accounting Oversight Board (PCAOB) standards, aligning their oversight requirements with those of domestic stablecoin issuers.