Delaware Senate passes Payment Stablecoins Act, moves to House

Delaware’s Senate passed the Delaware Payment Stablecoins Act 20-1, sending the bill to the House. The legislation mirrors the federal GENIUS Act framework. On Polymarket, stablecoins depegging before December 31, 2027, sits at 2.9% YES.

Market reaction

The USDC depeg by December 31 market holds at 2.9% YES. The USDS and DAI markets both sit at 2.9% YES. The USDE and USD1 markets show no significant movement either. With 251 days until resolution, traders are pricing in very little depeg risk across the board.

Why it matters

The Delaware act requires stablecoins to maintain 1:1 reserve backing and meet specific financial safeguards. By creating a state-level framework that matches federal GENIUS Act standards, Delaware is positioning itself to attract stablecoin issuers who want regulatory clarity in their state of incorporation, where many already charter their entities. The 1:1 reserve requirement directly addresses the mechanism by which depegs occur: insufficient backing. This adds another layer of regulatory constraint on top of whatever the federal framework ultimately requires.

What to watch

Trading volume in these depeg markets is low, meaning a single large trade could move odds noticeably. Watch for developments from the U.S. Treasury and statements from stablecoin issuers like Circle and Tether. Any shifts in regulatory guidance or issuer compliance could change these prices. The Delaware House still needs to pass the bill, and the federal GENIUS Act’s own progress will matter more for the broader market.

At 3¢, a YES share pays $1 if a depeg happens, a 33x return. The current regulatory direction makes that payout unlikely absent a major market shock, but the asymmetric payoff keeps the contract worth monitoring.

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