Delaware's Senate has passed the Payment Stablecoins Act with a 20-1 vote, advancing the bill to the House of Representatives. This legislation aligns with the federal GENIUS Act framework.
The new state act mandates that stablecoins must maintain a 1:1 reserve backing and adhere to specific financial safeguards. By establishing a state-level regulatory structure that mirrors federal standards, Delaware aims to become an attractive location for stablecoin issuers seeking regulatory certainty, particularly for entities already incorporated in the state.
The 1:1 reserve requirement directly addresses the common cause of stablecoin depegging: inadequate backing. This measure introduces an additional layer of regulatory oversight beyond potential federal requirements.