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.

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