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.

Sen. Bill Hagerty is spearheading legislation to regulate stablecoin, a cryptocurrency linked to fiat currencies like the dollar, but he has hit a snag.