Florida Payment Stablecoin Rules Take Effect With 1:1 Reserve Mandate
Eligible trust companies generally need approval certificates to issue payment stablecoins in Florida, while issuers face monthly reserve disclosures and a $10 billion federal-transition threshold.
Florida’s payment stablecoin rules took effect Oct. 1, requiring eligible trust companies to obtain approval certificates and issuers to maintain reserves equal to at least the value of their outstanding tokens.
The framework applies to qualified payment stablecoin issuers operating in the state. Permitted reserve assets include cash, demand deposits at banks, short-term U.S. Treasury securities and qualifying government money market funds.
Issuers must disclose the composition of their reserves each month, undergo examinations by accountants and obtain certifications from their chief executive and chief financial officers. The requirements create an ongoing reporting and verification regime for Florida-based payment stablecoin operations.
The rules also set a $10 billion issuance threshold for state-level issuers. Once total payment stablecoin issuance reaches that amount, an issuer must move into the applicable federal regulatory framework within 360 days unless it receives a federal exemption. It must otherwise pause new issuance until its total falls below the threshold.
