(a) Not later than noon on the last day of each calendar month, a permitted payment stablecoin issuer shall publish on 1 of its publicly accessible websites a report disclosing, as of the last day of the preceding calendar month, the following:

(1) The total number and aggregate outstanding issuance value of payment stablecoins issued and outstanding.

(2) The amount and composition of the issuer’s reserve assets, including the average tenor and geographic location of custody of each category of reserve asset.

(3) A description of any material changes in reserve composition since the preceding monthly report.

(b) Each month, the information disclosed in the preceding month’s report required by subsection (a) of this section must be examined by a registered public accounting firm engaged by the issuer.

(c) Each month, the chief executive officer and chief financial officer of a permitted payment stablecoin issuer shall submit to the Commissioner a signed certification as to the accuracy of the current monthly report required by subsection (a) of this section.

(d) A permitted payment stablecoin issuer with an outstanding issuance value exceeding $50,000,000,000 shall annually prepare a financial statement in accordance with GAAP, audited by a registered public accounting firm, and shall submit the audited statement to the Commissioner within 90 days after the close of each fiscal year.

85 Del. Laws, c. 339, § 1; 

(a) This section applies to any permitted payment stablecoin issuer and to any person that provides custodial or safekeeping services for any of the following:

(1) Payment stablecoin reserve assets.

(2) Payment stablecoins used as collateral.

(3) Private keys used to issue payment stablecoins.

(4) Cash and other property received in the course of providing custodial services for any of the foregoing.

(b) A permitted payment stablecoin issuer and any custodian of reserve assets shall do all of the following:

(1) Separately account for the reserve assets of each issuer or customer and treat and deal with those assets as belonging to that issuer or customer and not as property of the custodian.

(2) Not commingle reserve assets with the general assets of the custodian.

(3) Take appropriate steps to protect reserve assets from claims of creditors of the custodian and of any sub-custodian, including by adopting, implementing, and maintaining written policies, procedures, and internal controls that are adequate to comply with applicable law and commensurate with the custodian’s size, complexity, and risk profile.

(c) A custodian shall maintain possession or control of covered assets held directly, including through a digital wallet for which the custodian controls the associated private keys. A custodian may use a sub-custodian if all of the following requirements are met:

(1) The use is consistent with applicable law.

(2) The custodian maintains adequate safeguards and internal controls reasonably designed to provide oversight of the sub-custodian’s compliance with this section.

(3) The sub-custodian is an eligible financial institution or is subject to requirements materially equivalent to those of this section.

(d) Reserve assets held in custody for a permitted payment stablecoin issuer may not be considered property of the custodian in any insolvency, receivership, or similar proceeding affecting the custodian, and may not be available to satisfy claims of the custodian’s creditors.

(e) The Commissioner shall promulgate regulations establishing minimum standards for custodial agreements, internal controls, reporting to the Commissioner, and examination of custodians operating in this State.

85 Del. Laws, c. 339, § 1;