Bill > SB662

This bill, the Maryland Stablecoin Act, establishes a regulatory framework for payment stablecoin services, which are financial services involving digital currencies pegged to a stable value, by allowing certain financial institutions, specifically nondepository trust companies and credit union service organizations, to apply for a certificate from the Commissioner of Financial Regulation to engage in these activities. The bill modifies existing laws by adjusting the examination fee for a new commercial bank charter to $7,000, requires nondepository trust companies seeking to offer stablecoin services to include specific disclosures in their incorporation documents, and grants the Commissioner the authority to reduce capital stock requirements for these companies if it doesn't compromise their safety and soundness. It also clarifies that certain provisions of financial institution law do not apply to nondepository trust companies authorized to provide payment stablecoin services, and it outlines the application process, powers, and enforcement mechanisms for entities involved in payment stablecoin-related services, defining terms like "payment stablecoin-related services" and "payment stablecoin services institution" and referencing the federal "Genius Act of 2025" for certain definitions.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0662?ys=2026RS