A bipartisan alliance backing stablecoin legislation shattered in the US Senate as a key group of Democrats threatened to block a bill that Republicans had hoped to pass this month — unless “numerous” fixes are made.

Senate Democratic defections from a bipartisan stablecoins bill could become a procedural hurdle as Republicans try to bring the measure to the floor, possibly as early as this week. Four Democrats on the Senate Banking Committee who voted on March 13 to approve legislation that would facilitate issuance of stablecoins — digital currencies pegged to

Senator Ruben Gallego and eight other Democrats said they couldn't vote to advance stablecoin legislation without having certain issues addressed. A stalled push to move the stabl