North Carolina would set safeguards for digital asset services and stablecoin issuers

State-chartered banks and credit unions could provide digital asset custody, staking, and transaction services under the stated safeguards. These provisions apply to North Carolina state-chartered banks and state-organized credit unions providing digital asset services to customers. Banks and credit unions may hold customers’ assets in pooled or separate accounts, but must keep full reserves and undergo annual independent audits. They may stake a customer’s assets only with the customer’s instruction. Fiduciary custody and staking require prior written regulator approval; non-fiduciary custody is limited to safekeeping under the customer’s written instructions. For custody and staking, institutions must give the regulator at least 60 days’ notice before starting. Fiduciary services also require written approval first.

The Treasurer could receive abandoned digital assets and stake them while holding them for their owners. These provisions cover digital assets in accounts presumed abandoned and held for apparent owners who may later make a claim. A digital asset account is presumed abandoned after five years from the earliest listed event, including the owner’s last ownership activity or certain failed communications; owner contact or activity pauses the period. If a holder cannot transfer an asset, it must keep it until transfer is possible. The Treasurer may direct a sale in specified cases, including when custody or transfer costs would exceed the asset’s value. The Treasurer must keep enough unstaked assets to meet claims. If a claim concerns assets still locked in staking, the claimant must be told and receive the assets or equivalent value when the lock-up ends. Staking rewards go to the State. These abandoned-property provisions take effect 18 months after the act becomes law. Reporting and delivery begin in the first reporting cycle starting on or after that point.

Payment stablecoin issuers would need state or federal authorization to issue, offer, or redeem stablecoins in North Carolina. These provisions cover payment stablecoins offered or issued to people in North Carolina and the businesses and institutions that issue them. Issuers with up to $10 billion in outstanding stablecoins generally need a state license unless otherwise authorized under the bill. The text provides other paths for certain banks, trust companies, out-of-state issuers, and foreign entities. Licensed issuers must hold approved reserves worth at least the stablecoins outstanding, disclose reserve information, and redeem stablecoins at face value. The Commissioner may allow up to five extra business days during significant market stress or a redemption spike. This part takes effect on January 18, 2027, or 120 days after federal regulators issue final rules implementing the GENIUS Act, whichever comes first.