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.

The outlook for a Senate stablecoins bill dims after four Democrats who backed the measure in committee withdraw support.

Senate leadership plans to tee up a vote on legislation creating a framework for payment stablecoins this week, even as a contingent of crypto-friendly Senate Democrats pull their support for the