On 6 July 2026, Delaware Governor Matt Meyer signed a three-bill package into law: Senate Bill 16, Senate Bill 19, and an accompanying banking modernisation bill. Senate Bill 19, the Delaware Payment Stablecoin Act, is final. It establishes a new licensing and supervisory structure for payment stablecoin issuers under Title 5 of the Delaware Code, enacted in parallel with the federal Guiding and Establishing National Innovation for U.S. Stablecoins Act, Pub. L. 119-27, and implementing rules proposed by the Office of the Comptroller of the Currency under Docket ID OCC-2025-0372.
The Delaware Payment Stablecoin Act requires payment stablecoin issuers to maintain eligible reserves at least equal to the face value of outstanding stablecoins, redeem stablecoins within two business days of a valid request, meet capital standards, and comply with AML and Bank Secrecy Act obligations. Additional requirements include monthly reserve reports independently examined by an accounting firm, custody safeguards, change-of-control notice procedures, and a federal-to-state charter conversion pathway. The Act directs the Commissioner of Banks to file a substantial-similarity certification application under the GENIUS Act within six months after OCC implementing regulations are promulgated; certification would allow Delaware-licensed issuers to operate nationwide without a separate federal charter.
Payment stablecoin issuers licensed in Delaware may serve customers across all U.S. states without a separate federal charter once the substantial-similarity certification is obtained. Existing money-transmitter licensees and virtual currency businesses in Delaware must assess whether their activities fall within the new stablecoin licensing definition. Banks seeking to issue payment stablecoins must comply with both the Delaware Act and applicable OCC implementing rules.
The substantial-similarity certification mechanism under the GENIUS Act does not become available until after the OCC finalises its implementing rules; the OCC comment period closed on 24 July 2026. Delaware's certification filing therefore depends on federal timelines outside the state's control. Senate Bill 16 modernises money-transmission licensing in parallel; operators transmitting both fiat currency and virtual currency must assess their obligations under both statutes.
Licentium advises payment stablecoin issuers, digital asset firms, and financial institutions on U.S. state and federal licensing strategy, including Delaware stablecoin licensing, GENIUS Act compliance, and reserve structure design through a partner network. Contact us to discuss state licensing applications or the interaction between federal and state stablecoin regimes. Work we undertake includes licensing applications, reserve requirement structuring, BSA and AML compliance programmes, OCC rulemaking monitoring, and nationwide market-entry strategy.
Source: Delaware General Assembly, Senate Bill 19, Delaware Payment Stablecoin Act, enacted 6 July 2026