Delaware lawmakers have introduced a bipartisan legislative package aimed at regulating stablecoins and modernizing the state's banking laws to accommodate digital assets. The centerpiece is the Delaware Payment Stablecoin Act, which proposes a formal licensing system for stablecoin issuers and digital asset service providers operating within the state.
The bill mandates that issuers maintain 1:1 reserves with the underlying assets and conduct monthly audits or reserve reports to ensure transparency and solvency. It also enforces anti-money laundering (AML) and know-your-customer (KYC) compliance, aligning stablecoin operations with traditional banking oversight. If passed, the State Bank Commissioner would be responsible for implementing and enforcing these rules.
Accompanying this is the Delaware Banking Modernization Act, which updates decades-old banking laws to include definitions for digital assets, clarifying how they fit within the existing financial framework. Representative Bill Bush emphasized the need for modernization, stating, "It’s been more than four decades since we’ve made meaningful updates to our state’s banking laws."
State officials, including Governor Matt Meyer, have indicated the legislation is designed to attract fintech and digital asset businesses to Delaware by lowering barriers to entry. "This legislative package sends a signal that we are lowering barriers and making it easier to access financial services," Meyer said. The bills now move to the Senate Banking Committee for review, with further proposals on money transmission expected to follow.
This state-level action occurs amidst broader U.S. federal efforts to establish clearer digital asset regulations, reflecting a national trend toward integrating crypto into the formal financial system with enhanced consumer protections.
