Delaware sets licensing and redemption rules for stablecoin issuers

A person issuing a payment stablecoin to or for a Delaware resident must get a state license unless exempt. The rule covers payment stablecoins offered, sold, or made available to Delaware residents, even if the issuer is elsewhere. Federal issuers and other listed people and transactions are exempt from state licensing. A nonfinancial public company covered by the law needs unanimous approval from the federal Stablecoin Certification Review Committee before issuing. The law takes effect immediately. A person need not obtain a license before the earlier of 18 months after the law takes effect or 120 days after the Commissioner issues required regulations.

A permitted issuer must back its stablecoins with eligible reserve assets and follow redemption rules. These rules apply to permitted payment stablecoin issuers, including state-licensed issuers and qualifying federally approved issuers. Reserve assets must equal at least the value of outstanding stablecoins and generally may not be reused, except in listed circumstances. Redemption is generally due within two business days. If requests exceed 10% of outstanding value in one 24-hour period, the deadline becomes seven calendar days for pending and later requests; the Commissioner may allow an earlier return to the usual deadline or extend redemption during specified emergencies. The two-business-day deadline applies to ordinary requests. When requests cross the 10% threshold, seven calendar days applies to requests already pending and those made afterward.

Digital asset service providers may register with the Commissioner, and registered providers must renew yearly and cooperate with certain complaint inquiries. This option covers people providing specified digital asset services in Delaware or for Delaware customers or users. Registration is voluntary and is not required to provide digital asset services. The Commissioner may investigate Delaware resident complaints and set limited disclosure rules about fees, service terms, and customer rights. Registration remains voluntary; registered providers renew annually.