Delaware, USA plans to incorporate stablecoins into the banking regulatory framework

According to market news, two legislators in Delaware have proposed the Delaware Banking Modernization Act (Senate Bill 16) and the Delaware Payment Stablecoin Act (Senate Bill 19), aimed at establishing a licensing framework for stablecoin issuers.

The Stablecoin Act intends to implement licensing management for stablecoin issuers and digital asset service providers operating in Delaware, adopting relevant definitions and statements from the U.S. federal Stablecoin Act (GENIUS Act), and setting regulatory requirements such as reserve shortfall remediation mechanisms, mandatory redemption time limits, capital requirements, and anti-money laundering obligations. If approved, the state banking commissioner will be responsible for implementing the relevant rules within the specified timeframe. The Banking Modernization Act primarily updates corporate governance for traditional financial institutions while introducing a definition of digital assets to enhance regulatory certainty. Both bills still need to be reviewed by the Senate Banking Committee and debated by the full Senate.

Delaware Governor Matt Meyer stated that this legislation aims to attract future industries and provide residents with more convenient financial services.