Delaware Proposes Stablecoin Regulation Bill: 1:1 Reserve Requirement + Licensing Framework to Compete for Issuance Hub Status

Gate News: On March 25, the Delaware State Legislature introduced the Delaware Payment Stablecoin Act (SB19), aiming to establish a state-level regulatory framework for stablecoin issuers, covering licensing, reserves, custody, and disclosure requirements. This move is seen as a strategic effort by states to compete for digital asset companies amid the gradual clarification of federal regulations.

According to the bill, institutions issuing stablecoins to Delaware residents must obtain the appropriate license and maintain at least 1:1 reserve backing, including cash, bank deposits, and short-term U.S. Treasury securities. Additionally, issuers are required to disclose reserve status monthly and fulfill user redemption requests within specified timeframes to enhance transparency and fund security.

The proposal complements the previously introduced U.S. GENIUS Act, which allows compliant state-level regulatory systems to operate alongside federal frameworks, providing a clear path for stablecoin issuance. Delaware explicitly states in the bill that it aims to build a “competitive and federally compliant” regulatory system to attract stablecoin projects.

Notably, the bill restricts stablecoins from paying interest unless permitted by future federal law. This reflects a cautious regulatory stance, positioning stablecoins primarily as payment tools rather than deposit-like products.

Data shows that the global stablecoin market is currently valued at approximately $305 billion, mainly anchored to the U.S. dollar. Industry forecasts suggest the sector could surpass $2 trillion by 2028. Against this backdrop, Delaware seeks to leverage its mature corporate law system and financial legal infrastructure to strengthen its institutional advantages in the digital asset space.

Analysts note that if the bill progresses smoothly, Delaware could become a key registration hub for stablecoin issuance, further accelerating the development of a dual regulatory framework at both state and federal levels in the U.S.