Delaware lawmakers have introduced the Payment Stablecoins Act, creating a state licensing and regulatory framework for dollar-pegged stablecoin issuers. The bill mandates one-to-one reserves in cash, bank deposits, and short-term U.S. Treasuries, monthly reserve disclosures, and timely redemption protocols.
Issuers must obtain either a payment stablecoin issuer license or a digital asset service provider license. Interest payments on stablecoins are prohibited unless federally permitted.
The legislation aligns with the federal GENIUS Act, enacted in July 2025, which permits state-regulated issuers if their regime is deemed substantially similar to federal standards.
Delaware aims to reinforce its status as a premier financial jurisdiction, positioning itself as a preferred hub for stablecoin firms seeking state oversight over federal charters.
Global stablecoin circulation stands at $305 billion, with projections reaching $2 trillion by 2028.