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Delaware Senate Passes Payment Stablecoins Act in 20-1 Vote

The bill sets licensing rules for payment stablecoin issuers, including 1:1 reserve backing, monthly attestations, and anti-money laundering compliance aligned with the federal GENIUS Act.

Summary

Delaware’s Senate approved the Delaware Payment Stablecoins Act by a 20-1 vote, advancing a state-level framework for payment stablecoin issuers. The bill requires issuers to maintain 1:1 reserve backing, provide monthly attestations, and comply with anti-money laundering compliance (rules to prevent illicit finance). The measure is described as aligned with the federal GENIUS Act, indicating an effort to match emerging U.S. standards for stablecoin oversight. The legislation adds to the broader push to formalize rules for dollar-pegged digital tokens used for payments.

Terms & Concepts
  • Payment stablecoin: A digital token designed to maintain a stable value, typically by being pegged to a fiat currency such as the U.S. dollar and used for payments.
  • 1:1 reserve backing: A requirement that each issued token be backed by an equivalent value in reserves, helping support redemption at par value.
  • Monthly attestation: A recurring verification, usually by an independent accountant or auditor, intended to confirm that reserves and disclosures match issuer obligations.