Florida has enacted two significant pieces of legislation that establish a regulatory framework for stablecoin issuers and create a government payment pilot program.
On June 26, Florida enacted House Bill 175 and Senate Bill 1568, marking a major step in the state’s approach to digital asset regulation.
House Bill 175 generally prohibits a person from acting as a qualified payment stablecoin issuer in Florida without an Office of Financial Regulation licence or an exemption.
The bill also requires trust companies to obtain a certificate of approval and qualifying out-of-state issuers to notify the office within 30 days after beginning covered activity in Florida.
On the compliance side, HB 175 requires state-qualified issuers to maintain one-to-one reserves and disclose redemption policies and reserve information to regulators.
Issuers must also obtain monthly reserve examinations, submit officer certifications, and comply with applicable anti-money laundering and sanctions requirements.
Any issuer reaching $10 billion in outstanding issuance must transition to federal oversight unless they successfully obtain a waiver from the relevant authority.
Senate Bill 1568 authorises the Department of Financial Services to accept designated stablecoins for licensing, registration, application, renewal, assessment, and other fees.
Eligible stablecoins under the pilot must satisfy requirements concerning market capitalisation, reserve backing, and redemption for US dollars.
The Department of Financial Services must generally convert stablecoins it receives into US currency within a reasonable time and begin submitting annual reports by February 1, 2027.
Most licensing provisions under the new framework take effect October 1, 2026, while the pilot law took effect immediately upon enactment on June 26.
Florida’s approach pairs issuer regulation with a state-administered payment pilot, reflecting a broader national trend of states designing frameworks aligned with the federal GENIUS Act.
Issuers, trust companies, custodians, exchanges, and other service providers should assess their licensing and exemption status ahead of the October deadline.
Industry participants are also advised to monitor implementing rules closely and prepare for the rollout of the stablecoin payment pilot program in the coming months.