North Carolina Passes Digital Asset Law Allowing Banks to Custody Crypto

Gate News message, April 22 — North Carolina has officially introduced House Bill 1029, the Digital Asset and Stablecoin Act, marking the state’s entry into crypto regulation. The bill, developed following recommendations from a dedicated blockchain committee, aims to integrate digital assets into traditional financial systems by creating a legal framework for regulated institutions.

Key provisions include allowing state-chartered banks and credit unions to custody digital assets, enabling staking and transaction-related services, and defining digital assets as blockchain-based electronic assets. This framework enables traditional financial players to participate in the crypto economy in a compliant manner.

The bill aligns closely with the federal GENIUS Act, which establishes nationwide standards for stablecoins. These standards include one-to-one reserve backing, clear licensing systems, and enhanced consumer protection measures. By adopting similar principles at the state level, House Bill 1029 reduces regulatory fragmentation and creates a more unified path for adoption.

Charlotte, already one of the largest banking hubs in the United States, is positioned as a key center for this shift. The city has seen expanding crypto firm presence, increased interest from traditional banks in digital asset services, and growing blockchain talent pools.

If successful, North Carolina could set a precedent for other states, encouraging similar legislation and accelerating nationwide adoption of digital assets. The move reflects a broader transformation in the U.S. financial landscape, where structured regulation is replacing uncertainty and enabling greater institutional participation.