The state of Delaware has proposed a stablecoin regulatory bill that would establish a licensing system within the banking framework.

Delaware Senator Spiros Mantzavinos and Representative Bill Bush introduced the Delaware Banking Modernization Act (Senate Bill 16) and the Delaware Payments Stablecoin Act (Senate Bill 19). The stablecoin bill aims to establish a licensing framework for stablecoin issuers and digital asset service providers, adopting definitions from the federal GENIUS Act and proposing requirements such as reserve remedies, mandatory redemption deadlines, capital standards, and anti-money laundering obligations. If approved, the state banking commissioner will implement the rules within a specified timeframe. Delaware Governor Matt Meyer stated that the legislation aims to lower barriers to entry for financial services, enabling all residents to send, receive, and save money online. The state launched a blockchain initiative in 2016 to attract businesses, but last year some technology and crypto companies, including Coinbase, relocated out of the state. Both bills still require review by the Senate Banking Committee and debate by the full Senate. In the coming days, lawmakers will also introduce the Delaware Money Transmission and Virtual Currency Modernization Act, which primarily addresses consumer protection and the standardization of licensing activities.