Delaware Moves to Bring Stablecoins Under Banking Supervision — First State-Level Legislation of Its Kind in the U.S.

Banking Modernization Act and Payment Stablecoin Act Filed Simultaneously
Governor: "Every Resident Should Be Able to Send, Receive, and Save Money Online"

The state of Delaware has officially introduced legislation to bring stablecoins under its existing banking regulatory framework, marking the first concrete state-level effort in the United States to establish an independent supervisory structure for stablecoin issuance and circulation.

The Delaware Senate Democrats announced in a statement Monday that State Senator Spiros Mantzavinos and State Representative Bill Bush have jointly introduced the Delaware Bank Modernization Act (Senate Bill 16) and the Delaware Payment Stablecoin Act (Senate Bill 19). The two bills form the legislative backbone of the state's broader "financial modernization" package, formally recognizing stablecoins not merely as digital assets, but as legitimate payment instruments — and placing them squarely within the state's banking regulatory framework.

Delaware Governor Matt Meyer stated, "This legislation sends a clear and powerful signal. In Delaware, we are expanding access to financial services, lowering barriers to entry, and making it easier for every resident to transfer, receive, and save money — all through the internet."

Delaware has long been regarded as one of the most crypto- and blockchain-friendly states in the country. As far back as 2016, then-Governor Jack Markell launched the Delaware Blockchain Initiative to attract blockchain-based businesses to the state, and Delaware has since made incremental regulatory adjustments in support of the industry. This latest legislative push represents the most formal and structured step yet in the state's ongoing effort to institutionalize its pro-blockchain stance — and comes at a pivotal moment, as federal-level stablecoin legislation continues to advance through Congress.

Joohoon Choi joohoon@blockstreet.co.kr