Delaware is taking steps to solidify its position in the world of cryptocurrency by introducing a new licensing framework for payment stablecoins.
Senate Bill 19, also known as the Delaware Payment Stablecoin Act or Delaware Banking Modernization Act, aims to establish one of the nation's first state-level regulatory regimes for payment stablecoins. This proposed framework would require stablecoin firms to maintain 1:1 reserves and undergo monthly audits, ensuring compliance with federal law.
The legislation lays out a licensing and oversight structure that could position Delaware as a leader in stablecoin regulation.