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Bill

Bill

SB 662

Financial Institutions - Payment Stablecoin Services - Establishment and Regulation (Maryland Stablecoin Act)

2026 Regular Session Introduced by Ben Kramer

Maryland authorizes licensed financial institutions to issue stablecoins with reserve requirements and state oversight, modernizing digital payments while creating new regulatory responsibilities.

Approved by the Governor - Chapter 513
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WeVote Research Nonpartisan
Bill Summary · SB 662

Legislative bill overview

SB 662 establishes a regulatory framework allowing Maryland financial institutions to issue and manage payment stablecoins—digital currencies pegged to stable assets like the US dollar. The bill creates licensing requirements, reserve standards, and oversight mechanisms for institutions offering these services while maintaining consumer protections and compliance with existing banking regulations.

Why is this important

Stablecoins represent a significant evolution in digital payments and financial infrastructure. This legislation positions Maryland as a crypto-friendly jurisdiction, potentially attracting fintech companies and modernizing payment systems, while attempting to address risks like inadequate reserves or fraud that have plagued unregulated stablecoin projects. The outcome will influence how other states approach digital currency regulation and could impact financial stability, consumer access to digital payments, and the competitive landscape between traditional banks and crypto firms.

Potential points of contention

  • Reserve requirements and auditing: Determining whether mandated reserves (and audit frequency) are sufficient to protect consumers if a stablecoin issuer fails or experiences a bank run
  • Consumer protection gaps: Questions about liability if stablecoins lose their peg, technical failures occur, or funds become inaccessible—and whether existing deposit insurance applies
  • Federal-state regulatory overlap: Potential conflicts with federal banking regulators and the SEC/CFTC, creating legal uncertainty for institutions operating across state lines

Compiled from official sources — confirm details with the bill’s official record.

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