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On June 26, Florida enacted House Bill 175 and Senate Bill 1568, establishing a state licensing framework for payment stablecoin issuers and a voluntary pilot program for payments to the Department of Financial Services. Specifically, the measures:
- Establish licensing and approval requirements. HB 175 generally prohibits a person from acting as a qualified payment stablecoin issuer in Florida without an Office of Financial Regulation license 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.
- Set reserve and compliance standards. HB 175 requires state-qualified issuers to maintain one-to-one reserves, disclose redemption policies and reserve information, obtain monthly reserve examinations, and submit officer certifications. The bill also incorporates applicable anti-money laundering and sanctions requirements and generally requires issuers reaching $10 billion in outstanding issuance to transition to federal oversight unless they obtain a waiver.
- Create a stablecoin payment pilot. SB 1568 authorizes the Department of Financial Services to accept designated stablecoins for licensing, registration, application, renewal, assessment, and other fees. The bill also permits certain stablecoin refunds and reimbursements. Eligible stablecoins must satisfy requirements concerning market capitalization, reserve backing, and redemption for U.S. dollars. The department generally must convert stablecoins it receives into U.S. currency within a reasonable time and begin submitting annual reports by February 1, 2027.
Most licensing provisions take effect October 1, 2026, while the pilot law took effect upon enactment.
Putting It Into Practice: Florida is the latest state to adopt state stablecoin frameworks designed around the federal GENIUS Act (previously discussed here and here). Florida’s approach also pairs issuer regulation with a state-administered payment pilot. Issuers, trust companies, custodians, exchanges, and other service providers should assess licensing and exemption status, monitor implementing rules, and prepare for the pilot program’s rollout.
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