Florida’s payment stablecoin rules took effect on Oct. 1, setting reserve, disclosure and licensing requirements for certain issuers in the state. Under the new framework, qualified trust companies that issue payment stablecoins in Florida generally must obtain a certificate of approval. Compliant issuers are also required to maintain reserves of at least 1:1 against outstanding stablecoins. Eligible reserve assets include cash, demand deposits at banks, short-term U.S. Treasuries and qualifying government money market funds. The rules also require monthly disclosure of reserve composition, accountant examinations, and certifications by the CEO and CFO. In addition, if a state-level issuer’s total payment stablecoin issuance reaches $10 billion, it must move into the relevant federal regulatory framework within 360 days unless it receives a federal exemption. Otherwise, the issuer must stop new issuance until the amount falls back below the threshold.
Florida’s payment stablecoin regulatory rules took effect on Oct. 1, according to Odaily.
Under the new rules, qualified trust companies issuing payment stablecoins in the state generally must obtain a certificate of approval. Compliant issuers must maintain reserves of at least 1:1. Eligible reserve assets include cash, bank demand deposits, short-term U.S. Treasuries and qualifying government money market funds.
The framework also requires issuers to disclose reserve composition on a monthly basis, undergo accountant examinations, and obtain certifications from the CEO and CFO.
If a state-level issuer’s total payment stablecoin issuance reaches $10 billion, it must enter the corresponding federal regulatory framework within 360 days unless it secures a federal exemption. Otherwise, it must halt new issuance until the amount drops back below the threshold.
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