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HB 1355

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

2026 Regular Session Introduced by Marlon Amprey

Maryland HB 1355 creates a state-regulated framework for stablecoins, establishing OFR certification for nondepository firms and State issuers to supervise safe, compliant activiti

Approved by the Governor - Chapter 514
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WeVote Research Nonpartisan
Bill Summary · HB 1355

Purpose and scope

House Bill 1355 establishes a comprehensive Maryland framework to regulate payment stablecoin services and State-issued stablecoin activities. Building on the federal GENIUS Act of 2025, the bill creates a dedicated State regulator role within the Office of Financial Regulation (OFR) to oversee “payment stablecoin services institutions” and “State issuers,” with a certification process for nondepository trust companies and credit union service organizations (CUSOs) that want to provide these services in Maryland. It also makes targeted changes to existing financial institutions laws, including a reduced examination fee for a new commercial bank charter.

Key provisions and changes

  • New title and regime for stablecoins (Maryland Stablecoin Act):

    • Defines terms: payment stablecoin, payment stablecoin-related services, payment stablecoin services institution, state issuer, and related concepts.
    • Establishes OFR as the State payment stablecoin regulator and authorizes certification of entities to provide stablecoin-related services or to operate as a State issuer.

  • Certification and authorization process:

    • Nondepository trust companies or CUSOs may apply for certificates to engage in stablecoin-related activities or to become a State issuer, subject to the review criteria in Title 14 of the act.
    • The process includes pre-application requirements, a detailed application (including business plans and biographical information), an 60‑day decision window (subject to extensions), and the ability to amend certificates over time.
    • Certificates list authorized products and powers, and holders must keep certificates publicly accessible and cannot exceed listed authorities.

  • Powers and limitations for certificate holders:

    • Certificate holders may offer only listed products/services and exercise only enumerated powers.
    • In particular, stablecoin issuance itself is not deemed a “stablecoin-related service” and requires separate state issuer authority.
    • Prohibitions include: making loans or accepting consumer or insured deposits, and representing that funds are insured.

  • State Issuers and stablecoin services institutions:

    • State issuers and payment stablecoin services institutions may be certified to operate, subject to compliance with both state and federal law.
    • Clear limitations prevent unauthorized products or misrepresentation of insured status.

  • Regulatory framework and cooperation:

    • OFR may share information with state and federal regulators and may enter information-sharing agreements as allowed by the GENIUS Act.
    • Regulations may be adopted to implement the act, ensure safe and sound operation, and facilitate certification processes.

  • Financial and enforcement provisions:

    • OFR retains enforcement powers and can suspend or revoke certificates for misconduct or unsafe practices.
    • Certificate surrender does not release prior liabilities or annual fee obligations.

  • Procedural and sunset details:

    • Effective date: January 1, 2027.
    • The act also modifies several existing provisions, including:
    • Lowering the examination fee for a new commercial bank charter from $15,000 to $7,000.
    • Allowing a nondepository trust company seeking to engage in Title 14 activities to disclose additional information in its articles of incorporation.

Who is affected

  • Nondepository trust companies seeking to engage in stablecoin-related activities or to become State issuers.
  • Credit union service organizations seeking to provide stablecoin-related services.
  • State-chartered banks and credit unions to the extent they participate in or interact with the new regime (noting competing/parallel federal mechanisms).
  • Maryland residents and consumers through enhanced regulatory oversight of stablecoin activities and potential disclosures about reserve holdings and governance.

Procedural and timeline highlights

  • Introduced February 12, 2026; assigned to Economic Matters.
  • Effective date of the act: January 1, 2027.
  • Certification process and initial regulatory framework must align with the federal GENIUS Act of 2025 standards.

Overall, HB 1355 creates a Maryland-specific, regulated pathway for stablecoin activities, balancing innovation with safety and consumer protections through OFR oversight and a formal certificate regime.

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

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