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

HB 1355, the Maryland Stablecoin Act, creates a new regulatory framework for entities providing payment stablecoin services in Maryland. It directly affects nondepository trust companies (financial institutions not covered by FDIC insurance) that wish to offer stablecoin-related services, such as issuing or facilitating transactions with stablecoins (digital currencies pegged to assets like the US dollar). The bill establishes licensing requirements, capital stock rules, and disclosure obligations for these providers under the Commissioner of Financial Regulation, while exempting certain existing nondepository trust companies from unrelated regulations. It adds new sections (14-101 through 14-603) to Maryland’s Financial Institutions code to define terms like "permitted payment stablecoin issuer" and "state issuer," and modifies existing fee structures for new bank charters. The law aims to provide legal clarity and oversight for this emerging financial service within the state.