HB0175 • 2026

Payment Stablecoin

Labor

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Commerce Committee ; Insurance & Banking Subcommittee ; Barnaby ; Giallombardo ; (CO-INTRODUCERS) Fabricio
Last action: 2026-06-29
Official status: Chapter No. 2026-176
Effective date: Except as

Plain English Breakdown

The exact definition of what makes a stablecoin 'qualified' is not fully detailed in the provided text snippets, only that it requires licensure or exemption.

Florida Payment Stablecoin Law

This law updates Florida rules to include payment stablecoins and requires issuers to get a license or follow specific reporting steps.

What This Bill Does

Updates the state's money laundering laws to include payment stablecoins as part of financial activities regulated under the Money Services Business Act.
Requires qualified payment stablecoin issuers to obtain a license from the Office of Financial Regulation unless they are exempted.
Mandates that out-of-state, state-qualified payment stablecoin issuers send written notice to regulators within a set time frame before operating in Florida.
States that certain types of payment stablecoins are not considered securities under this law and are not subject to specific provisions.
Prohibits trust companies from issuing these coins unless they receive a certificate of approval or qualify for an exemption.

Who It Names or Affects

Companies and banks that create or issue payment stablecoins in Florida
Trust companies seeking to offer stablecoin services
The Office of Financial Regulation, which oversees these issuers

Terms To Know

Payment Stablecoin: A digital currency defined in the law that is used for payments.
Qualified Payment Stablecoin Issuer: An entity authorized to issue payment stablecoins under Florida regulations, either through a license or exemption.
Office of Financial Regulation (OFR): The state agency responsible for licensing and supervising financial businesses, including stablecoin issuers.

Limits and Unknowns

The text does not list the specific dollar amounts or detailed steps required to get a license.
It is unclear exactly which transactions are exempt from regulation without reading the full legal definitions in Chapter 560.
The law mentions joint supervision with federal officials but does not detail when this shared responsibility begins.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

337249

Committee amendment H 175 c1 • Barnaby

Withdrawn Prior to Consideration 2/24/2026

Plain English: This amendment adds new legal definitions for payment stablecoins and their issuers, while updating rules to require record-keeping for large transactions involving these digital assets.

It defines a 'payment stablecoin' as a digital asset used for payments that is backed by a fixed amount of money but excludes national currencies, bank deposits, and securities.
It creates two new categories of issuers: federal-qualified payment stablecoin issuers (approved by the U.S. Office of the Comptroller) and qualified payment stablecoin issuers (state-approved entities that are not banks).
It updates the definition of 'money services business' to include companies that act as qualified payment stablecoin issuers.
It requires money services businesses to keep records for transactions involving payment stablecoins worth more than $10,000.

The amendment text provided is incomplete and cuts off mid-sentence on the final page regarding record-keeping requirements.
This specific version of the amendment was withdrawn by its sponsor before it could be officially considered or voted on.

415819

Committee amendment H 175 c1 • Giallombardo

Adopted 2/25/2026

Plain English: This amendment updates Florida law by adding new definitions for payment stablecoins and the companies that issue them, while also requiring businesses handling these digital assets to keep records of large transactions.

Adds a definition for 'payment stablecoin' as a digital asset used for payments where the issuer promises to exchange it for a fixed amount of money.
Creates new categories for companies that issue payment stablecoins, including federal-approved banks and state-qualified entities.
Updates the list of businesses considered 'money services business' to include qualified issuers of payment stablecoins.
Requires money service businesses to keep records of transactions involving payment stablecoins if they are worth more than $10,000.

The provided text is incomplete and cuts off mid-sentence on page 5, so the full details about record-keeping procedures cannot be explained.
Some technical legal references to federal laws (like the GENIUS Act) are included but not fully defined in this document.

618355

Floor amendment H 175 c2 • Barnaby

House: Superseded by Substitute 3/3/2026

Plain English: This amendment limits what companies approved to issue payment stablecoins can do, while making sure regular banks are not stopped from doing their normal business.

Starting October 1, 2026, only qualified issuers with an approval certificate can create and redeem payment stablecoins.
These approved companies must limit their work to issuing coins, managing the money reserves behind them, or other tasks that directly support those activities.
The amendment clarifies that regular banks, credit unions, and trust companies are still allowed to accept deposits, use digital ledgers for records, and hold stablecoins as custodians.

This specific version of the amendment was superseded by a substitute bill on March 3, 2026.
The text does not explain what happens if an issuer tries to do activities outside the allowed list.

586903

Floor amendment H 175 c2 • Barnaby

House: Adopted 3/3/2026

Plain English: This amendment sets strict rules for companies issuing digital dollars, requiring them to hold safe government-backed assets equal to every coin they create and report their finances monthly.

Companies can only issue coins, redeem coins, manage the money backing those coins, or do tasks that directly support these activities.
Issuers must keep reserves in very safe forms like U.S. cash, bank deposits, short-term government bonds, or specific types of investment funds to match every coin they have issued one-for-one.
Companies must publish a monthly report showing exactly how many coins exist and what assets back them up, which must be checked by an independent accounting firm.
Large companies with more than $50 billion in coins must also create annual financial statements that are audited to show any deals made between the company and its owners or partners.

The amendment text is cut off at the end, so some details about requirements for large companies may be missing.
The rules refer to a federal law called the 'GENIUS Act' (Pub. L. No. 119-27), which cannot be fully explained without seeing that separate law.

406294

Floor amendment H 175 e1 • Burton

Senate: Withdrawn 3/4/2026

Plain English: This amendment updates Florida law to define and regulate payment stablecoins by adding new rules for record-keeping and clarifying which businesses must follow them.

Adds a definition for 'payment stablecoin' as a digital asset used for payments that is backed by a fixed amount of money, while excluding national currencies, bank deposits, and securities.
Creates new definitions for entities allowed to issue these coins, including federal banks approved by the Office of the Comptroller of the Currency and state-approved issuers.
Updates existing laws so that businesses handling payment stablecoins must keep records of transactions over $10,000 or those suspected of involving illegal activity.

The official text provided is cut off at the end and does not show all details regarding how these rules are enforced.
Some terms rely on federal laws like the 'GENIUS Act' which may be complex or unfamiliar to general readers.

Bill History

2026-06-29 The Florida Senate and Florida House of Representatives
• Chapter No. 2026-176
2026-06-26 The Florida Senate and Florida House of Representatives
• Approved by Governor
2026-06-15 The Florida Senate and Florida House of Representatives
• Signed by Officers and presented to Governor
2026-03-05 Senate
• Withdrawn from Rules -SJ 613 • Placed on Calendar, on 2nd reading • Substituted for CS/CS/SB 314 -SJ 614 • Read 2nd time -SJ 614 • Read 3rd time -SJ 614 • CS passed; YEAS 37 NAYS 0 -SJ 614
2026-03-05 House
• In Messages • Ordered enrolled
2026-03-03 House
• Read 2nd time • Amendment 586903 adopted • Amendment 618355 superseded by substitute • Read 3rd time • Added to Third Reading Calendar • CS passed as amended; YEAS 102, NAYS 2
2026-03-03 Senate
• In Messages • Referred to Rules • Received
2026-02-26 House
• Reported out of Commerce Committee • Laid on Table under Rule 7.18(a) • CS Filed • Bill referred to House Calendar • Bill added to Special Order Calendar (3/3/2026) • 1st Reading (Committee Substitute 2)
2026-02-24 House
• Favorable with CS by Commerce Committee
2026-02-20 House
• Added to Commerce Committee agenda
2026-02-16 House
• Referred to Commerce Committee • Now in Commerce Committee
2026-02-13 House
• Reported out of Insurance & Banking Subcommittee • Laid on Table under Rule 7.18(a) • CS Filed • 1st Reading (Committee Substitute 1)
2026-02-11 House
• Favorable with CS by Insurance & Banking Subcommittee
2026-02-09 House
• PCS added to Insurance & Banking Subcommittee agenda
2026-01-13 House
• 1st Reading (Original Filed Version)
2025-10-21 House
• Referred to Insurance & Banking Subcommittee • Referred to Commerce Committee • Now in Insurance & Banking Subcommittee
2025-10-15 House
• Filed

Official Summary Text

Payment Stablecoin; Revises Florida Control of Money Laundering in Money Services Business Act to include payment stablecoins; requires certain payment stablecoin issuers to comply with certain regulations; prohibits persons from engaging in activity of qualified payment stablecoin issuer without being licensed or exempted from licensure; requires out-of-state state-qualified payment stablecoin issuers to provide specified written notice to OFR within a specified timeframe; specifies that certain transactions are not regulated under certain provisions; specifies that certain payment stablecoin is not security & not subject to certain provisions; specifies that office remains solely responsible for supervising qualified payment stablecoin issuers or is jointly responsible with Office of Comptroller of Currency for such supervision under certain circumstances; prohibits trust company from engaging in activity of qualified payment stablecoin issuer unless trust company obtains certificate of approval or is exempted from such certificate.

Current Bill Text

Read the full stored bill text

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1
An act relating to payment stablecoin; amending s. 2
560.103, F.S.; revising the definition of the term 3
"money services business"; defining terms; amending s. 4
560.123, F.S.; revising the Florida Control of Money 5
Laundering in Money Services Business Act to include 6
payment stablecoins; requiring certain payment 7
stablecoin issuers to comply with certain regulations; 8
requiring qualified payment stablecoin issuers to 9
submit a specified certification to the Office of 10
Financial Regulation annually; requiring the office to 11
make such certifications available to the Secretary of 12
the Treasury upon request; authorizing the office to 13
revoke the license of qualified payment stablecoin 14
issuers under certain circumstances and to refer 15
certain matters to specified entities; amending s. 16
560.125, F.S.; revising the circumstances relating to 17
violations of certain provisions; revising penalties; 18
creating part V of ch. 560, F.S., entitled "Payment 19
Stablecoin Issuers"; creating s. 560.501, F.S.; 20
defining terms; prohibiting persons from engaging in 21
the activity of a qualified payment stablecoin issuer 22
without being licensed or exempted from licensure; 23
requiring the office to give a specified written 24
notice under certain circumstances; providing 25

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applicability; requiring out-of-state state-qualified 26
payment stablecoin issuers to provide a specified 27
written notice to the office within a specified 28
timeframe; specifying that certain transactions are 29
not regulated under certain provisions; specifying 30
that certain payment stablecoin is not a security and 31
not subject to certain provisions; requiring certain 32
qualified payment stablecoin issuers to comply with 33
certain requirements; requiring certain qualified 34
payment stablecoin issuers to provide a specified 35
notice to the office; specifying that qualified 36
payment stablecoin issuers are subject to certain 37
provisions; specifying that the office remains solely 38
responsible for supervising qualified payment 39
stablecoin issuers or is jointly responsible with the 40
Office of the Comptroller of the Currency for such 41
supervision under certain circumstances; authorizing 42
the office to enter into an specified agreement; 43
creating s. 560.502, F.S.; requiring applicants 44
seeking to be qualified payment stablecoin issuers to 45
submit a specified application to the office; 46
specifying requirements of such application; requiring 47
the office to comply with certain requirements; 48
authorizing certain information to be incorporated 49
into other licensing application forms; creating s. 50

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560.503, F.S.; specifying that qualified payment 51
stablecoin issuer licenses authorize issuers to engage 52
only in certain activities; creating s. 560.504, F.S.; 53
requiring qualified payment stablecoin issuers to 54
comply with certain requirements; providing criminal 55
penalties; prohibiting qualified payment stablecoin 56
issuers from engaging in certain conduct; creating s. 57
560.505, F.S.; requiring the office to submit initial 58
certification to a specified committee on a specified 59
form in accordance with a specified timeline; 60
requiring the office to submit a specified additional 61
certification no later than a specified date; 62
requiring the office to comply with certain 63
requirements; creating s. 560.506, F.S.; requiring the 64
Financial Services Commission to adopt specified 65
rules; amending s. 655.50, F.S.; revising the 66
definition of the term "monetary instruments"; 67
requiring qualified payment stablecoin issuers to 68
comply with certain provisions; requiring qualified 69
payment stablecoin issuers to submit to the office a 70
specified certification no later than a specified 71
date; requiring the office to make such certification 72
available to the Secretary of the Treasury upon 73
request; authorizing the office to revoke the license 74
of qualified payment stablecoin issuers and to refer 75

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certain matters to specified entities; amending s. 76
658.19, F.S.; revising the application requirements 77
for the application for authority to organize a bank 78
or trust company; creating s. 658.997, F.S.; defining 79
terms; prohibiting a trust company from engaging in 80
the activity of a qualified payment stablecoin issuer 81
unless the trust company obtains a certificate of 82
approval or is exempted from such certificate; 83
requiring a trust company to request a specified 84
certificate in conjunction with a specified 85
application or apply for the certificate; specifying 86
application requirements; requiring the office to 87
comply with certain requirements; requiring that the 88
application be deemed approved under certain 89
circumstances; providing that the denial of an 90
application does not prohibit an applicant from filing 91
a subsequent application; specifying that the failure 92
to comply with certain provisions is considered good 93
cause for revocation of a certificate of approval; 94
requiring the office to give a specified notice to a 95
qualified payment stablecoin issuer within a specified 96
timeframe; providing applicability; requiring out-of-97
state state-qualified payment stablecoin issuers to 98
provide a specified written notice to the office 99
within a specified timeframe; specifying that certain 100

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transactions are not regulated under certain 101
provisions; specifying that certain stablecoin is not 102
a security and not subject to certain provisions; 103
requiring certain qualified payment stablecoin issuers 104
to comply with certain requirements; requiring certain 105
qualified payment stablecoin issuers to provide a 106
specified notice to the office; specifying that 107
qualified payment stablecoin issuers are subject to 108
certain provisions; specifying that the office remains 109
solely responsible for supervising qualified payment 110
stablecoin issuers or is jointly responsible with the 111
Office of the Comptroller of the Currency for such 112
supervision under certain circumstances; authorizing 113
the office to enter into an specified agreement; 114
authorizing qualified payment stablecoin issuers to 115
engage in certain activities; providing construction; 116
requiring qualified payment stablecoin issuers to 117
comply with certain requirements; prohibiting 118
qualified payment stablecoin issuers from engaging in 119
certain conduct; requiring that the office's initial 120
certification and annual recertification include 121
certain information; providing for certain rule 122
adoption by the commission; providing effective dates. 123
124
Be It Enacted by the Legislature of the State of Florida: 125

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126
Section 1. Present subsections (17) through (32), (33), 127
(34), (35), and (36) through (39) of section 560.103, Florida 128
Statutes, as amended by chapter 2025-100, Laws of Florida, are 129
redesignated as subsections (18) through (33), (35), (36), (37), 130
and (39) through (42), respectively, new subsections (17), (34), 131
and (38) are added to that section, and present subsection (25) 132
of that section is amended, to read: 133
560.103 Definitions.—As used in this chapter, the term: 134
(17) "Federally qualified payment stablecoin issuer" means 135
any of the following: 136
(a) A nonbank entity, other than a state-qualified payment 137
stablecoin issuer, approved by the Office of the Comptroller of 138
the Currency to issue payment stablecoins. 139
(b) An uninsured national bank that is chartered by the 140
Office of the Comptroller of the Currency pursuant to Title LXII 141
of the Revised Statutes and is approved to issue payment 142
stablecoins. As used in this paragraph, the term "national bank" 143
has the same meaning as in the GENIUS Act, Pub. L. No. 119-27. 144
(c) A federal branch that is approved by the Office of the 145
Comptroller of the Currency to issue payment stablecoins. As 146
used in this paragraph, the term "federal branch" has the same 147
meaning as in s. 3 of the Federal Deposit Insurance Act, 12 148
U.S.C. s. 1813. 149
(26)(25) "Money services business" means any person 150

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located in or doing business in this state, from this state, or 151
into this state from locations outside this state or country who 152
acts as a payment instrument seller, foreign currency exchanger, 153
check casher, or money transmitter, or qualified payment 154
stablecoin issuer. 155
(34) "Payment stablecoin" means a digital asset that meets 156
all of the following requirements: 157
(a)1. Is, or is designed to be, used as a means of payment 158
or settlement. 159
2. The issuer of which: 160
a. Is obligated to convert, redeem, or repurchase the 161
digital asset for a fixed amount of monetary value, not 162
including a digital asset denominated in a fixed amount of 163
monetary value. 164
b. Represents that such issuer will maintain, or create 165
the reasonable expectation that it will maintain, a stable value 166
relative to the value of a fixed amount of monetary value. 167
(b) The term does not include a digital asset that is any 168
of the following: 169
1. A national currency. As used in this subparagraph, the 170
term "national currency" means any of the following: 171
a. A Federal Reserve note as the term is used in the first 172
undesignated paragraph of s. 16 of the Federal Reserve Act, 12 173
U.S.C. s. 411. 174
b. Money standing to the credit of an account with a 175

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Federal Reserve Bank. 176
c. Money issued by a foreign central bank. 177
d. Money issued by an intergovernmental organization 178
pursuant to an agreement by two or more governments. 179
2. A deposit as defined in s. 3 of the Federal Deposit 180
Insurance Act, 12 U.S.C. s. 1813, including a deposit recorded 181
using distributed ledger technology. As used in this 182
subparagraph, the term "distributed ledger" means technology in 183
which data is shared across a network that creates a public 184
digital ledger of verified transactions or information among 185
network participants and cryptography is used to link the data 186
to maintain the integrity of the public ledger and execute other 187
functions. 188
3. A security, as defined in s. 517.021; s. 2 of the 189
Securities Act of 1933, 15 U.S.C. s. 77b; s. 3 of the Securities 190
and Exchange Act of 1934, 15 U.S.C. s. 78c; or s. 2 of the 191
Investment Company Act of 1940, 15 U.S.C. s. 80a-2. 192
(c) As used in this subsection, the term "digital asset" 193
means any digital representation of value that is recorded on a 194
cryptographically secured digital ledger. 195
(38) "Qualified payment stablecoin issuer" means an entity 196
that: 197
(a) Is legally established under the laws of a state and 198
approved to issue payment stablecoins by the office; and 199
(b) Is not an uninsured national bank chartered by the 200

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Office of the Comptroller of the Currency pursuant to Title LXII 201
of the Revised Statutes, a federal branch, an insured depository 202
institution, or a subsidiary of such national bank, federal 203
branch, or insured depository institution. As used in this 204
paragraph, the terms "national bank" and "federal branch" have 205
the same meaning as in subsection (17), and the term "insured 206
depository institution" has the same meaning as defined in s. 3 207
of the Federal Deposit Insurance Act, 12 U.S.C. s. 1813, and an 208
insured credit union. 209
Section 2. Effective October 1, 2026, present subsection 210
(9) of section 560.123, Florida Statutes, is redesignated as 211
subsection (10), a new subsection (9) is added to that section, 212
and subsections (2), (3), and (8) of that section are amended, 213
to read: 214
560.123 Florida Control of Money Laundering in Money 215
Services Business Act.— 216
(2) The purpose of this section is to require the 217
maintenance of certain records of transactions involving 218
currency, monetary value, payment instruments, or virtual 219
currency, or payment stablecoins in order to deter the use of a 220
money services business to conceal proceeds from criminal 221
activity and to ensure the availability of such records for 222
criminal, tax, or regulatory investigations or proceedings. 223
(3) A money services business shall keep a record, as 224
prescribed by the commission, of each financial transaction 225

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occurring in this state which it knows to involve currency, 226
monetary value, a payment instrument, or virtual currency, or a 227
payment stablecoin having a value greater than $10,000; to 228
involve the proceeds of specified unlawful activity; or to be 229
designed to evade the reporting requirements of this section or 230
chapter 896. The money services business must maintain 231
appropriate procedures to ensure compliance with this section 232
and chapter 896. 233
(a) Multiple financial transactions shall be treated as a 234
single transaction if the money services business has knowledge 235
that they are made by or on behalf of any one person and result 236
in value in or value out totaling a value of more than $10,000 237
during any day. 238
(b) A money services business may keep a record of any 239
financial transaction occurring in this state, regardless of the 240
value, if it suspects that the transaction involves the proceeds 241
of unlawful activity. 242
(c) The money services business must file a report with 243
the office of any records required by this subsection, at such 244
time and containing such information as required by rule. The 245
timely filing of the report required by 31 U.S.C. s. 5313 with 246
the appropriate federal agency shall be deemed compliance with 247
the reporting requirements of this subsection unless the reports 248
are not regularly and comprehensively transmitted by the federal 249
agency to the office. 250

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(d) A money services business, or control person, 251
employee, or agent thereof, that files a report in good faith 252
pursuant to this section is not liable to any person for loss or 253
damage caused in whole or in part by the making, filing, or 254
governmental use of the report, or any information contained 255
therein. 256
(8)(a) Except as provided in paragraph (b), a person who 257
willfully violates any provision of this section commits a 258
misdemeanor of the first degree, punishable as provided in s. 259
775.082 or s. 775.083. 260
(b) A person who willfully violates any provision of this 261
section, if the violation involves: 262
1. Currency, monetary value, payment instruments, or 263
virtual currency, or payment stablecoins of a value exceeding 264
$300 but less than $20,000 in any 12-month period, commits a 265
felony of the third degree, punishable as provided in s. 266
775.082, s. 775.083, or s. 775.084. 267
2. Currency, monetary value, payment instruments, or 268
virtual currency, or payment stablecoins of a value totaling or 269
exceeding $20,000 but less than $100,000 in any 12-month period, 270
commits a felony of the second degree, punishable as provided in 271
s. 775.082, s. 775.083, or s. 775.084. 272
3. Currency, monetary value, payment instruments, or 273
virtual currency, or payment stablecoins of a value totaling or 274
exceeding $100,000 in any 12-month period, commits a felony of 275

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the first degree, punishable as provided in s. 775.082, s. 276
775.083, or s. 775.084. 277
(c) In addition to the penalties authorized by s. 775.082, 278
s. 775.083, or s. 775.084, a person who has been convicted of, 279
or entered a plea of guilty or nolo contendere, regardless of 280
adjudication, to having violated paragraph (b) may be sentenced 281
to pay a fine of up to the greater of $250,000 or twice the 282
value of the currency, monetary value, payment instruments, or 283
virtual currency, or payment stablecoins, except that on a 284
second or subsequent conviction for or plea of guilty or nolo 285
contendere, regardless of adjudication, to a violation of 286
paragraph (b), the fine may be up to the greater of $500,000 or 287
quintuple the value of the currency, monetary value, payment 288
instruments, or virtual currency, or payment stablecoins. 289
(d) A person who violates this section is also liable for 290
a civil penalty of up to the greater of the value of the 291
currency, monetary value, payment instruments, or virtual 292
currency, or payment stablecoins involved or $25,000. 293
(9) A qualified payment stablecoin issuer must comply with 294
any anti-money laundering provisions in the GENIUS Act under 295
Pub. L. No. 119-27, which include, but are not limited to, 296
provisions relating to economic sanctions, prevention of money 297
laundering, customer identification, and due diligence in the 298
Bank Secrecy Act; s. 21 of the Federal Deposit Insurance Act, 12 299
U.S.C. s. 1813; chapter 2 of Title I of Pub. L. No. 91-508; and 300

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subchapter II of chapter 53 of Title 31 of the United States 301
Code; and any other applicable federal anti-money laundering 302
provisions. 303
(a) Not later than 180 days after the approval of an 304
application for a license as a qualified payment stablecoin 305
issuer pursuant to this chapter, and on an annual basis 306
thereafter, each qualified payment stablecoin issuer shall 307
submit to the office a certification that the issuer has 308
implemented anti-money laundering and economic sanctions 309
compliance programs that are reasonably designed to prevent the 310
qualified payment stablecoin issuer from facilitating money 311
laundering, in particular, facilitating money laundering for 312
cartels and organizations designated as foreign terrorist 313
organizations under s. 219 of the Immigration and Nationality 314
Act, 8 U.S.C. s. 1189, and the financing of terrorist 315
activities, consistent with the requirements of the act. 316
(b) The office shall make the certifications submitted to 317
the office under paragraph (a) available to the Secretary of the 318
Treasury upon request. 319
(c) The office may revoke the license of the qualified 320
payment stablecoin issuer if such issuer does not submit the 321
certification required under paragraph (a). 322
(d) If the office has reason to believe that any person 323
has knowingly violated paragraph (a), which may be subject to 324
federal criminal penalties set forth under 18 U.S.C. s. 1001, 325

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the office may refer the matter to the United States Attorney 326
General or the Attorney General of this state. 327
Section 3. Effective October 1, 2026, paragraph (a) of 328
subsection (5) and subsection (6) of section 560.125, Florida 329
Statutes, are amended to read: 330
560.125 Unlicensed activity; penalties.— 331
(5) A person who violates this section, if the violation 332
involves: 333
(a) Currency, monetary value, payment instruments, or 334
virtual currency, or payment stablecoins of a value exceeding 335
$300 but less than $20,000 in any 12-month period, commits a 336
felony of the third degree, punishable as provided in s. 337
775.082, s. 775.083, or s. 775.084. 338
(6) In addition to the penalties authorized by s. 775.082, 339
s. 775.083, or s. 775.084, a person who has been convicted of, 340
or entered a plea of guilty or nolo contendere to, having 341
violated this section may be sentenced to pay a fine of up to 342
the greater of $250,000 or twice the value of the currency, 343
monetary value, payment instruments, or virtual currency, or 344
payment stablecoins, except that on a second or subsequent 345
violation of this section the fine may be up to the greater of 346
$500,000 or quintuple the value of the currency, monetary value, 347
payment instruments, or virtual currency, or payment 348
stablecoins. 349
Section 4. Part V of chapter 560, Florida Statutes, 350

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consisting of ss. 560.501-560.506, Florida Statutes, is created 351
and entitled "Payment Stablecoin Issuers." 352
Section 5. Effective October 1, 2026, section 560.501, 353
Florida Statutes, is created to read: 354
560.501 License requirement; exemptions; transition to 355
federal oversight; definitions.— 356
(1) DEFINITIONS.—As used in this section, the term: 357
(a) "Home state" means a state other than this state in 358
which a payment stablecoin issuer is established or has its 359
principal place of business. 360
(b) "Host state" means a state in which the payment 361
stablecoin issuer establishes a branch, solicits customers, or 362
otherwise engages in business activities, other than the home 363
state. 364
(c) "Out-of-state state-qualified payment stablecoin 365
issuer" means a payment stablecoin issuer that has been approved 366
in accordance with the requirements of the GENIUS Act by the 367
payment stablecoin issuer's home state to issue payment 368
stablecoin. 369
(2) LICENSE REQUIREMENT.—A person may not engage in the 370
activity of a qualified payment stablecoin issuer in this state 371
unless the person is licensed or exempted from licensure under 372
this chapter. The office shall give written notice to each 373
applicant that the office has granted or denied the application 374
for a license as a qualified payment stablecoin issuer. 375

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(3) EXEMPTION FROM LICENSURE.— 376
(a) The license requirement under subsection (2) does not 377
apply to: 378
1. A federally qualified payment stablecoin issuer. 379
2. An out-of-state state-qualified payment stablecoin 380
issuer for which this state is a host state. An out-of-state 381
state-qualified payment stablecoin issuer must provide written 382
notice to the office within 30 days after engaging in an 383
activity that makes this state a host state of such issuer. 384
(b) The following transactions are not regulated under 385
this part: 386
1. The direct transfer of payment stablecoins between two 387
individuals acting on their own behalf and for their own lawful 388
purposes, without the involvement of an intermediary. 389
2. Any transaction involving the receipt of payment 390
stablecoins by an individual between an account owned by the 391
individual in the United States and an account owned by the 392
individual abroad, and both accounts are offered by the same 393
parent company. 394
3. Any transaction by means of a software or hardware 395
wallet that facilitates an individual's own custody of payment 396
stablecoins. 397
(c) A payment stablecoin that meets the requirements of 398
this part is not a security and is not subject to chapter 517. 399
(4) TRANSITION TO FEDERAL OVERSIGHT.— 400

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(a) Unless a federal waiver is obtained, a qualified 401
payment stablecoin issuer with a consolidated total outstanding 402
payment stablecoin issuance that reaches the $10 billion 403
threshold must comply with one of the following requirements: 404
1. Not later than 360 days after the payment stablecoin 405
issuance reaches such threshold, transition to the applicable 406
federal regulatory framework administered jointly by the office 407
and the Office of the Comptroller of the Currency; or 408
2. Beginning on the date the payment stablecoin issuance 409
reaches such threshold, cease issuing new payment stablecoins 410
until the payment stablecoin falls below the $10 billion 411
consolidated total outstanding issuance threshold. 412
(b) A qualified payment stablecoin issuer with a 413
consolidated total outstanding payment stablecoin issuance that 414
reaches the $10 billion threshold must, within 7 business days, 415
provide notice to the office that the threshold has been 416
reached. 417
(c) To the extent or for any relevant period for which a 418
waiver or transition applies, a qualified payment stablecoin 419
issuer remains subject to this part if a federal waiver of the 420
transition requirements in paragraph (a) is obtained pursuant to 421
the GENIUS Act, Pub. L. No. 119-27, and the office remains 422
solely responsible for supervising the qualified payment 423
stablecoin issuer, or if the office is jointly responsible with 424
the Office of the Comptroller of the Currency to supervise the 425

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qualified payment stablecoin issuer pursuant to subparagraph 426
(a)1. The office may enter into an agreement with the relevant 427
primary federal payment stablecoin regulator for the joint 428
supervision of any qualified payment stablecoin issuer. 429
Section 6. Effective October 1, 2026, section 560.502, 430
Florida Statutes, is created to read: 431
560.502 Additional license application requirements; 432
office duties; application forms.— 433
(1) ADDITIONAL LICENSE APPLICATION REQUIREMENTS.—In 434
addition to the license requirements under part I of this 435
chapter, an applicant seeking a license under this part must 436
also submit to the office an application on a form prescribed by 437
rule of the commission. Such application must include all of the 438
following: 439
(a) Evidence of the ability of the applicant, based on 440
financial condition and resources, to meet the requirements in 441
s. 560.504. 442
(b) A statement as to whether an individual who has been 443
convicted of a felony offense involving insider trading, 444
embezzlement, cybercrime, money laundering, financing terrorism, 445
or financial fraud is serving as an officer or director of the 446
applicant. 447
(c) An explanation of the competence, experience, and 448
integrity of the officers, directors, and principal shareholders 449
of the applicant, its subsidiaries, and parent company which 450

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includes, but is not limited to: 451
1. The record of the officers, directors, and principal 452
shareholders of compliance with laws and regulations. 453
2. The ability of the officers, directors, and principal 454
shareholders to fulfill any commitments to, and any conditions 455
imposed by, the office in connection with the application at 456
issue and any prior applications. 457
(d) A statement as to whether the redemption policy of the 458
applicant meets the standards under s. 560.504. 459
(e) Any other factors necessary to ensure the safety and 460
soundness of the qualified payment stablecoin issuer. 461
(2) OFFICE DUTIES.—The office must comply with the 462
following requirements: 463
(a) Upon receipt of a substantially complete application, 464
evaluate and make a determination on each application based on 465
the criteria established in this section. 466
(b) Not later than 120 days after receiving a 467
substantially complete application, render a decision on the 468
application. 469
1. An application is considered substantially complete if 470
the application contains sufficient information for the office 471
to render a decision on whether the applicant satisfies the 472
requirements provided in paragraph (1)(a). 473
2. Not later than 30 days after receiving an application 474
under this section, the office must notify the applicant as to 475

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whether the office considers the application to be substantially 476
complete and, if the application is not substantially complete, 477
the additional information the applicant must provide in order 478
for the application to be considered substantially complete. 479
3. An application considered substantially complete under 480
this paragraph remains substantially complete unless there is a 481
material change in circumstances that requires the office to 482
treat the application as a new application. 483
4. If the office fails to render a decision on a complete 484
application within the time specified in this paragraph, the 485
application shall be deemed approved. 486
(c) Deny a substantially complete application received 487
pursuant to this section only if the office determines that the 488
activities of the applicant would be unsafe or unsound based on 489
the factors described in paragraph (1)(a). 490
1. The issuance of a payment stablecoin on an open, 491
public, or decentralized network is not a valid ground for 492
denial of an application for approval as a qualified payment 493
stablecoin issuer. 494
2. If the office denies a complete application submitted 495
pursuant to this section, not later than 30 days after the date 496
of such denial, the office must provide the applicant with 497
written notice explaining the denial with specificity, including 498
all findings made by the regulator with respect to all 499
identified material shortcomings in the application, along with 500

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actionable recommendations on how the applicant could address 501
the identified material shortcomings. 502
3. The denial of an application under this section does 503
not prohibit the applicant from filing a subsequent application. 504
4. A denial entitles the applicant to an opportunity to be 505
heard pursuant to chapter 120. 506
(d) Pay fingerprint retention fees that are charged for 507
the retention of any fingerprints that are required for each 508
control person of the applicant to obtain a license as a 509
qualified payment stablecoin issuer in accordance with this 510
chapter. 511
(3) APPLICATION FORMS.—The information required in the 512
application form prescribed by rule of the commission under 513
subsection (1) may be incorporated in other licensing 514
application forms required under this chapter, as appropriate, 515
to allow a person to apply for two licenses in one application 516
form in order to streamline the application process. 517
Section 7. Effective October 1, 2026, section 560.503, 518
Florida Statutes, is created to read: 519
560.503 Limitation on payment stablecoin activities.—A 520
license to issue qualified payment stablecoins authorizes an 521
issuer to engage only in the following activities: 522
(1) Issuing payment stablecoins. 523
(2) Redeeming payment stablecoins. 524
(3) Managing related reserves, including purchasing, 525

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selling, and holding reserve assets or providing custodial 526
services for reserve assets, consistent with federal law and the 527
laws of this state. 528
(4) Undertaking other activities that directly support any 529
of the activities described in this section. 530
Section 8. Effective October 1, 2026, section 560.504, 531
Florida Statutes, is created to read: 532
560.504 Minimum prudential requirements.— 533
(1) In accordance with the GENIUS Act, Pub. L. No. 119-27, 534
a qualified payment stablecoin issuer must comply with all of 535
the following requirements: 536
(a) Maintain identifiable reserves backing the outstanding 537
payment stablecoins of the qualified payment stablecoin issuer 538
on at least a one-to-one basis, with reserves consisting of any 539
of the following: 540
1. United States coin or currency or money standing to the 541
credit of an account with a Federal Reserve Bank. 542
2. Funds held as demand deposits or insured shares at an 543
insured depository institution, subject to limitations 544
established by the Federal Deposit Insurance Corporation and the 545
National Credit Union Administration. 546
3. United States Treasury bills, notes, or bonds with a 547
remaining maturity or issued with a maturity of 93 days or less. 548
4. Money received under repurchase agreements, with the 549
qualified payment stablecoin issuer acting as a seller of 550

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securities and with an overnight maturity, which are backed by 551
United States Treasury bills with a maturity of 93 days or less. 552
5. Reverse purchase agreements, with the qualified payment 553
stablecoin issuer acting as a purchaser of securities and with 554
an overnight maturity, which are collateralized by United States 555
Treasury bills, notes, or bonds on an overnight basis, subject 556
to overcollateralization in line with standard market terms that 557
meet federal requirements in the GENIUS Act, Pub. L. No. 119-27. 558
6. Securities that are issued by an investment company 559
registered under s. 8(a) of the Investment Company Act of 1940, 560
15 U.S.C. s. 80a-8(a), or other registered government money 561
market fund, and that are invested solely in underlying assets 562
described in subparagraphs 1.-5. 563
7. Any other similarly liquid Federal Government-issued 564
asset approved by the primary federal payment stablecoin 565
regulator, in consultation with the office. 566
8. Any reserve described in subparagraphs 1., 2., and 3. 567
or subparagraph 6. or subparagraph 7. in tokenized form, 568
provided that such reserves comply with all applicable laws and 569
regulations. 570
(b) Publicly disclose the issuer's redemption policy, 571
which must comply with all of the following requirements: 572
1. Establish clear and conspicuous procedures for timely 573
redemption of outstanding payment stablecoins. 574
2. Publicly, clearly, and conspicuously disclose in plain 575

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language all fees associated with purchasing or redeeming the 576
payment stablecoins, provided that such fees can be changed only 577
upon not less than 7 days' prior notice to consumers. 578
(c) Publish on the issuer's website a monthly reserve 579
composition of the issuer's reserve which must contain all of 580
the following information: 581
1. The total number of outstanding payment stablecoins 582
issued by the issuer. 583
2. The amount and composition of the reserves described in 584
paragraph (a), including the average tenor and geographic 585
location of custody of each category of reserve instruments. 586
(d) Comply with all federal prohibitions on pledging, 587
rehypothecating, or reusing reserve assets, either directly or 588
indirectly, except for any of the following purposes: 589
1. Satisfying margin obligations in connection with 590
investments in permitted reserves under subparagraph (a)4. or 591
subparagraph (a)5. 592
2. Satisfying obligations associated with the use, 593
receipt, or provision of standard custodial services. 594
3. Creating liquidity to meet reasonable expectations of 595
requests to redeem payment stablecoins, such that reserves in 596
the form of United States Treasury bills may be sold as 597
purchased securities for repurchase agreements with a maturity 598
of 93 days or less, provided that either: 599
a. The repurchase agreements are cleared by a clearing 600

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agency registered with the Securities and Exchange Commission; 601
or 602
b. The qualified payment stablecoin issuer receives prior 603
approval from the office. 604
(e) Engage a registered public accounting firm to conduct 605
a monthly examination of the previous month-end reserve report. 606
For purposes of this paragraph, the term "registered public 607
accounting firm" means a public accounting firm registered with 608
the Public Company Accounting Oversight Board. 609
(f) Submit to the office each month a certification as to 610
the accuracy of the month-end reserve report by the qualified 611
payment stablecoin issuer's chief executive officer and chief 612
financial officer. Whoever knowingly makes a false statement in 613
writing with the intent to mislead a public servant in the 614
performance of his or her official duty commits a misdemeanor of 615
the second degree, punishable as provided in s. 775.082 or s. 616
775.083. 617
(g) If the qualified payment stablecoin issuer has more 618
than $50 billion in consolidated total outstanding issuance, 619
prepare, in accordance with generally accepted accounting 620
principles, an annual financial statement, which must include 621
disclosure of any related party transactions, as defined by such 622
generally accepted accounting principles. 623
1. A registered public accounting firm must perform an 624
audit of the annual financial statement. 625

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2. Each qualified payment stablecoin issuer required to 626
prepare an audited annual financial statement must comply with 627
all of the following requirements: 628
a. Make such audited financial statements publicly 629
available on the website of the permitted payment stablecoin 630
issuer. 631
b. Submit such audited financial statements annually to 632
the office. 633
(h) Comply with any federal regulations or rules 634
prescribed by commission relating to capital, liquidity, and 635
risk management requirements. 636
(i) Engage only custodians or safekeepers that comply with 637
s. 10 of the GENIUS Act, Pub. L. No. 119-27. 638
(j) Comply with any other federal requirements of s. 4(a) 639
of the GENIUS Act, Pub. L. No. 119-27, and any implementing 640
federal regulations. 641
(2) A qualified payment stablecoin issuer may not engage 642
in any of the following conduct: 643
(a) Except as may be authorized under federal law, tying 644
arrangements that condition access to stablecoin services on the 645
purchase of unrelated products or services from such qualified 646
payment stablecoin issuer or an agreement not to obtain products 647
or services from a competitor. 648
(b) Using deceptive names, which includes, but is not 649
limited to, any of the following: 650

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1. Using any combination of terms relating to the United 651
States Government, except abbreviations directly related to the 652
currency to which a payment stablecoin is pegged, such as "USD." 653
2. Marketing a payment stablecoin in such a way that a 654
reasonable person would perceive the payment stablecoin to be 655
legal tender, as described in 31 U.S.C. s. 5103, issued by the 656
United States, or guaranteed or approved by the United States 657
Government. 658
(c) Paying the holder of any payment stablecoin any form 659
of interest or yield solely in connection with holding, use, or 660
retention of such payment stablecoin if such payment is 661
prohibited under federal law. 662
Section 9. Section 560.505, Florida Statutes, is created 663
to read: 664
560.505 State certification.— 665
(1) The office shall submit an initial certification to 666
the federal Stablecoin Certification Review Committee, on a form 667
prescribed by the committee, in accordance with the timeline 668
established by the committee for accepting certifications, 669
attesting that the state regulatory regime meets the criteria 670
for substantial similarity to the GENIUS Act, Pub. L. No. 119-671
27, as required under that act. 672
(2) No later than the date to be determined by the United 673
States Secretary of the Treasury each year, the office must 674
submit to the Stablecoin Certification Review Committee an 675

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additional certification that confirms the accuracy of the 676
initial certification submitted. 677
(3) The office must comply with the requirements of s. 678
4(c)(4) of the GENIUS Act, Pub. L. No. 119-27, to ensure the 679
state receives certification and annual recertification by the 680
Stablecoin Certification Review Committee of the state 681
regulatory regime. 682
Section 10. Section 560.506, Florida Statutes, is created 683
to read: 684
560.506 Rulemaking authority.—The commission shall adopt 685
rules to administer this part as required in s. 13 of the GENIUS 686
Act, Pub. L. No. 119-27. The commission shall also adopt rules 687
relating to capital, liquidity, and risk management which are 688
consistent with s. 4(a)(4) of the GENIUS Act, Pub. L. No. 119-689
27. The commission may adopt rules establishing standards for 690
the conduct, supervision, examination, and regulation of 691
qualified payment stablecoin issuers, including requirements 692
relating to reserves, customer-asset protection, reporting, and 693
compliance, in order to meet the minimum requirements 694
established by the Stablecoin Certification Review Committee. 695
Section 11. Subsection (12) is added to section 655.50, 696
Florida Statutes, and paragraph (e) of subsection (3) of that 697
section is amended, to read: 698
655.50 Florida Control of Money Laundering and Terrorist 699
Financing in Financial Institutions Act.— 700

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(3) As used in this section, the term: 701
(e) "Monetary instruments" means coin or currency of the 702
United States or of any other country, payment stablecoins as 703
defined in s. 658.997(1), travelers' checks, personal checks, 704
bank checks, money orders, stored value cards, prepaid cards, 705
investment securities or negotiable instruments in bearer form 706
or otherwise in such form that title thereto passes upon 707
delivery, or similar devices. 708
(12) A qualified payment stablecoin issuer, as defined in 709
s. 658.997(1), must comply with any anti-money laundering 710
provisions in the GENIUS Act under Pub. L. No. 119-27, which 711
include, but are not limited to, provisions relating to economic 712
sanctions, prevention of money laundering, customer 713
identification, and due diligence in the Bank Secrecy Act; s. 21 714
of the Federal Deposit Insurance Act, 12 U.S.C. s. 1813; chapter 715
2 of Title I of Pub. L. No. 91-508; and subchapter II of chapter 716
53 of Title 31, United States Code; and any other applicable 717
federal anti-money laundering provisions. 718
(a) Not later than 180 days after the approval of an 719
application for a certificate of approval as a qualified payment 720
stablecoin issuer, as defined in s. 658.997(1), and on an annual 721
basis thereafter, each qualified payment stablecoin issuer shall 722
submit to the office a certification that the issuer has 723
implemented anti-money laundering and economic sanctions 724
compliance programs that are reasonably designed to prevent the 725

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qualified payment stablecoin issuer from facilitating money 726
laundering, in particular, facilitating money laundering for 727
cartels and organizations designated as foreign terrorist 728
organizations under s. 219 of the Immigration and Nationality 729
Act, 8 U.S.C. s. 1189, and the financing of terrorist 730
activities, consistent with the requirements of the act. 731
(b) The office shall make the certifications submitted to 732
the office under paragraph (a) available to the Secretary of the 733
Treasury upon request. 734
(c) The office may revoke the certificate of approval of 735
the qualified payment stablecoin issuer if the qualified payment 736
stablecoin issuer does not submit the certification required 737
under paragraph (a). 738
(d) If the office has reason to believe that any person 739
has knowingly violated paragraph (a), which may be subject to 740
federal criminal penalties set forth under 18 U.S.C. s. 1001, 741
the office may refer the matter to the United States Attorney 742
General or the Attorney General of this state. 743
Section 12. Paragraph (h) is added to subsection (1) of 744
section 658.19, Florida Statutes, to read: 745
658.19 Application for authority to organize a bank or 746
trust company.— 747
(1) A written application for authority to organize a 748
banking corporation or a trust company shall be filed with the 749
office by the proposed directors and shall include: 750

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(h) A request for a certificate of approval as a qualified 751
payment stablecoin issuer, as defined in s. 658.997(1), if 752
desired in connection with an application to organize a trust 753
company. 754
Section 13. Section 658.997, Florida Statutes, is created 755
to read: 756
658.997 Qualified payment stablecoin issuers.— 757
(1) DEFINITIONS.—As used in this section, the term: 758
(a) "Federally qualified payment stablecoin issuer" means 759
any of the following: 760
1. A nonbank entity, other than a state-qualified payment 761
stablecoin issuer, approved by the Office of the Comptroller of 762
the Currency to issue payment stablecoins. 763
2. An uninsured national bank that is chartered by the 764
Office of the Comptroller of the Currency pursuant to Title LXII 765
of the Revised Statutes and is approved to issue payment 766
stablecoins. As used in this subparagraph, the term "national 767
bank" has the same meaning as in the GENIUS Act, Pub. L. No. 768
119-27. 769
3. A federal branch that is approved by the Office of the 770
Comptroller of the Currency to issue payment stablecoins. As 771
used in this subparagraph, the term "federal branch" has the 772
same meaning as in s. 3 of the Federal Deposit Insurance Act, 12 773
U.S.C. s. 1813. 774
(b) "Home state" means a state other than this state in 775

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which a payment stablecoin issuer is established or has its 776
principal place of business. 777
(c) "Host state" means a state in which the payment 778
stablecoin issuer establishes a branch, solicits customers, or 779
otherwise engages in business activities, other than the home 780
state. 781
(d) "Out-of-state state-qualified payment stablecoin 782
issuer" means a payment stablecoin issuer that has been approved 783
in accordance with the requirements of the GENIUS Act, Pub. L. 784
No. 119-27, by the payment stablecoin issuer's home state to 785
issue payment stablecoin. 786
(e)1. "Payment stablecoin" means a digital asset that 787
meets all of the following requirements: 788
a. Is, or is designed to be, used as a means of payment or 789
settlement. 790
b. The issuer of which: 791
(I) Is obligated to convert, redeem, or repurchase the 792
digital asset for a fixed amount of monetary value, not 793
including a digital asset denominated in a fixed amount of 794
monetary value. 795
(II) Represents that such issuer will maintain, or create 796
the reasonable expectation that it will maintain, a stable value 797
relative to the value of a fixed amount of monetary value. 798
2. The term does not include a digital asset that is any 799
of the following: 800

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a. A national currency. As used in this sub-subparagraph, 801
the term "national currency" means each of the following: 802
(I) A Federal Reserve note as the term is used in the 803
first undesignated paragraph of s. 16 of the Federal Reserve 804
Act, 12 U.S.C. s. 411. 805
(II) Money standing to the credit of an account with a 806
Federal Reserve Bank. 807
(III) Money issued by a foreign central bank. 808
(IV) Money issued by an intergovernmental organization 809
pursuant to an agreement by two or more governments. 810
b. A deposit as defined in s. 3 of the Federal Deposit 811
Insurance Act, 12 U.S.C. s. 1813, including a deposit recorded 812
using distributed ledger technology. As used in this sub-813
subparagraph, the term "distributed ledger" means technology in 814
which data is shared across a network that creates a public 815
digital ledger of verified transactions or information among 816
network participants and cryptography is used to link the data 817
to maintain the integrity of the public ledger and execute other 818
functions. 819
c. A security, as defined in s. 517.021; s. 2 of the 820
Securities Act of 1933, 15 U.S.C. s. 77b; s. 3 of the Securities 821
and Exchange Act of 1934, 15 U.S.C. s. 78c; or s. 2 of the 822
Investment Company Act of 1940, 15 U.S.C. s. 80a-2. 823
3. As used in this paragraph, the term "digital asset" 824
means any digital representation of value that is recorded on a 825

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cryptographically secured digital ledger. 826
(f) "Qualified payment stablecoin issuer" means an entity 827
that: 828
1. Is legally established under the laws of a state and 829
approved to issue payment stablecoins by the office; and 830
2. Is not an uninsured national bank chartered by the 831
Office of the Comptroller of the Currency pursuant to Title LXII 832
of the Revised Statutes, a federal branch, an insured depository 833
institution, or a subsidiary of such national bank, federal 834
branch, or insured depository institution. As used in this 835
subparagraph, the terms "national bank" and "federal branch" 836
have the same meaning as in subsection (1)(a), and the term 837
"insured depository institution" has the same meaning as defined 838
in s. 3 of the Federal Deposit Insurance Act, 12 U.S.C. s. 1813, 839
and an insured credit union. 840
(2) APPROVAL REQUIREMENT.—Effective October 1, 2026, a 841
trust company may not engage in the activity of a qualified 842
payment stablecoin issuer in this state unless the trust company 843
obtains a certificate of approval or is exempted from such 844
certificate under this section. 845
(a) To obtain a certificate of approval as a qualified 846
payment stablecoin issuer pursuant to this chapter, a trust 847
company must request such certificate in conjunction with an 848
application to organize a trust company pursuant to s. 658.19 or 849
apply for a certificate of approval as a qualified payment 850

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stablecoin issuer on forms prescribed by rule of the commission 851
which meet the requirements of this section. The application 852
must require only information, documents, or materials that are 853
necessary to determine whether the applicant meets the criteria 854
provided in this section. 855
(b) With respect to any application for a certificate of 856
approval as a qualified payment stablecoin issuer pursuant to 857
this section, the office must comply with the following 858
requirements: 859
1. Upon receipt of a substantially complete application, 860
evaluate and make a determination on each application based on 861
the criteria established in this section, including all of the 862
following factors: 863
a. The ability of the applicant, based on financial 864
condition and resources, to meet the requirements in subsection 865
(6). 866
b. Whether an individual who has been convicted of a 867
felony offense involving insider trading, embezzlement, 868
cybercrime, money laundering, financing terrorism, or financial 869
fraud is serving as an officer or director of the applicant. 870
c. The competence, experience, and integrity of the 871
officers, directors, and principal shareholders of the 872
applicant, its subsidiaries, and parent company, which include, 873
but are not limited to: 874
(I) The record of the officers, directors, and principal 875

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shareholders of compliance with laws and regulations. 876
(II) The ability of the officers, directors, and principal 877
shareholders to fulfill any commitments to, and any conditions 878
imposed by, the office in connection with the application at 879
issue and any prior applications. 880
d. Whether the redemption policy of the applicant meets 881
the standards under subsection (6). 882
e. Any other factors necessary to ensure the safety and 883
soundness of the qualified payment stablecoin issuer. 884
2. Not later than 120 days after receiving a substantially 885
complete application, render a decision on the application. 886
a. An application is considered substantially complete if 887
the application contains sufficient information for the office 888
to render a decision on whether the applicant satisfies the 889
factors described in this paragraph. 890
b. Not later than 30 days after receiving an application 891
under this section, the office must notify the applicant as to 892
whether the office considers the application to be substantially 893
complete and, if the application is not substantially complete, 894
the additional information the applicant must provide in order 895
for the application to be considered substantially complete. 896
c. An application considered substantially complete under 897
this subparagraph remains substantially complete unless there is 898
a material change in circumstances that requires the office to 899
treat the application as a new application. 900

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3. If the applicant is approved as a qualified payment 901
stablecoin issuer, issue a certificate of approval to the 902
applicant. A certificate of approval remains valid unless or 903
until the office revokes such certificate pursuant to this 904
chapter. 905
4. Deny a substantially complete application received 906
pursuant to this subsection only if the office determines that 907
the activities of the applicant would be unsafe or unsound based 908
on the factors described in subparagraph 1. 909
a. The issuance of a payment stablecoin on an open, 910
public, or decentralized network is not a valid ground for 911
denial of an application for approval as a qualified payment 912
stablecoin issuer. 913
b. If the office denies a complete application submitted 914
pursuant to this subsection, not later than 30 days after the 915
date of such denial, the office must provide the applicant with 916
written notice explaining the denial with specificity, including 917
all findings made by the regulator with respect to all 918
identified material shortcomings in the application, along with 919
actionable recommendations on how the applicant could address 920
the identified material shortcomings. 921
c. A denial entitles the applicant to an opportunity to be 922
heard pursuant to chapter 120. 923
5. Modify any current forms or rules relating to an 924
application to organize a trust company pursuant to s. 658.19 to 925

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conform them to the standards and requirements of this section. 926
Any information or documents that are required for the office to 927
determine whether an applicant meets the requirements of this 928
section must be incorporated into an application to organize a 929
trust company so that an applicant may elect, but is not 930
required, to submit such information and documents to apply for 931
a certificate of approval as a qualified payment stablecoin 932
issuer as part of the organization process. 933
(c) If the office fails to render a decision on a complete 934
application within the time specified in subparagraph (b)2., the 935
application is deemed approved. 936
(d) The denial of an application under this section does 937
not prohibit the applicant from filing a subsequent application. 938
(e) The failure to comply with any provision of this 939
section or with any rule or order of the office shall be 940
considered good cause for revocation of a certificate of 941
approval issued pursuant to subparagraph (b)3. The office shall 942
give prior written notice to the qualified payment stablecoin 943
issuer of such revocation within a time prescribed by rule. 944
(3) EXEMPTIONS.—Effective October 1, 2026: 945
(a) The requirement for a certificate of approval under 946
subsection (2) does not apply to: 947
1. A federally qualified payment stablecoin issuer. 948
2. An out-of-state state-qualified payment stablecoin 949
issuer. The out-of-state state-qualified payment stablecoin 950

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issuer must provide written notice to the office within 30 days 951
after engaging in the activity of a qualified payment stablecoin 952
issuer in this state. 953
(b) The following transactions are not regulated under 954
this part: 955
1. The direct transfer of payment stablecoin between two 956
individuals acting on their own behalf and for their own lawful 957
purposes, without the involvement of an intermediary. 958
2. Any transaction involving the receipt of payment 959
stablecoin by an individual between an account owned by the 960
individual in the United States and an account owned by the 961
individual abroad, and both accounts are offered by the same 962
parent company. 963
3. Any transaction by means of a software or hardware 964
wallet that facilitates an individual's own custody of payment 965
stablecoins. 966
(c) A payment stablecoin that meets the requirements of 967
this part is not a security and is not subject to the 968
requirements of chapter 517. 969
(4) TRANSITION TO FEDERAL OVERSIGHT.—Effective October 1, 970
2026: 971
(a) Unless a federal waiver is obtained, a qualified 972
payment stablecoin issuer with a consolidated total outstanding 973
payment stablecoin issuance that reaches the $10 billion 974
threshold must comply with one of the following requirements: 975

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1. Not later than 360 days after the payment stablecoin 976
issuance reaches such threshold, transition to the applicable 977
federal regulatory framework administered jointly by the office 978
and the appropriate federal regulator; or 979
2. Beginning on the date the payment stablecoin issuance 980
reaches such threshold, cease issuing new payment stablecoins 981
until the payment stablecoin falls below the $10 billion 982
consolidated total outstanding issuance threshold. 983
(b) A qualified payment stablecoin issuer with a 984
consolidated total outstanding payment stablecoin issuance that 985
reaches the $10 billion threshold must, within 7 business days, 986
provide notice to the office that the threshold has been 987
reached. 988
(c) To the extent or for any relevant period for which a 989
waiver or transition applies, a qualified payment stablecoin 990
issuer remains subject to this part if a federal waiver of the 991
transition requirements in paragraph (a) is obtained pursuant to 992
the GENIUS Act, Pub. L. No. 119-27, and the office remains 993
solely responsible for supervising the qualified payment 994
stablecoin issuer, or if the office is jointly responsible with 995
the Office of the Comptroller of the Currency to supervise the 996
qualified payment stablecoin issuer pursuant to subparagraph 997
(a)1. The office may enter into an agreement with the relevant 998
primary federal payment stablecoin regulator for the joint 999
supervision of any qualified payment stablecoin issuer. 1000

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(5) LIMITATION ON PAYMENT STABLECOIN ACTIVITIES.— 1001
(a) Effective October 1, 2026, a qualified payment 1002
stablecoin issuer that has been issued a certificate of approval 1003
may engage only in the following activities: 1004
1. Issuing payment stablecoins. 1005
2. Redeeming payment stablecoins. 1006
3. Managing related reserves, including purchasing, 1007
selling, and holding reserve assets or providing custodial 1008
services for reserve assets, consistent with federal law and the 1009
laws of this state. 1010
4. Undertaking other activities that directly support any 1011
of the activities described in this paragraph. 1012
(b) This section may not be construed to limit the 1013
authority of a depository institution, federal credit union, 1014
state credit union, national bank, or trust company to engage in 1015
activities permissible pursuant to applicable state and federal 1016
laws, including: 1017
1. Accepting or receiving deposits, or, in the case of a 1018
credit union, shares, and issuing digital assets that represent 1019
those deposits or shares. 1020
2. Using a distributed ledger for the books and records of 1021
the entity or for intrabank transfers. 1022
3. Providing custodial services for payment stablecoins, 1023
private keys of payment stablecoins, or reserves backing payment 1024
stablecoins. 1025

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(6) MINIMUM PRUDENTIAL REQUIREMENTS.—Effective October 1, 1026
2026: 1027
(a) In accordance with the GENIUS Act, Pub. L. No. 119-27, 1028
a qualified payment stablecoin issuer shall comply with all of 1029
the following requirements: 1030
1. Maintain identifiable reserves backing the outstanding 1031
payment stablecoins of the qualified payment stablecoin issuer 1032
on at least a one-to-one basis, with reserves consisting of any 1033
of the following: 1034
a. United States coin or currency or money standing to the 1035
credit of an account with a Federal Reserve Bank. 1036
b. Funds held as demand deposits or insured shares at an 1037
insured depository institution, subject to limitations 1038
established by the Federal Deposit Insurance Corporation and the 1039
National Credit Union Administration. 1040
c. United States Treasury bills, notes, or bonds with a 1041
remaining maturity or issued with a maturity of 93 days or less. 1042
d. Money received under repurchase agreements, with the 1043
qualified payment stablecoin issuer acting as a seller of 1044
securities and with an overnight maturity, that are backed by 1045
United States Treasury bills with a maturity of 93 days or less. 1046
e. Reverse purchase agreements, with the qualified payment 1047
stablecoin issuer acting as a purchaser of securities and with 1048
an overnight maturity, which are collateralized by United States 1049
Treasury bills, notes, or bonds on an overnight basis, subject 1050

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to overcollateralization in line with standard market terms that 1051
meet federal requirements in the GENIUS Act, Pub. L. No. 119-27. 1052
f. Securities that are issued by an investment company 1053
registered under s. 8(a) of the Investment Company Act of 1940, 1054
15 U.S.C. s. 80a-8(a), or other registered government money 1055
market fund, and that are invested solely in underlying assets 1056
described in sub-subparagraphs a.-e. 1057
g. Any other similarly liquid Federal Government-issued 1058
asset approved by the primary federal payment stablecoin 1059
regulator, in consultation with the office. 1060
h. Any reserve described in sub-subparagraphs a., b., and 1061
c. or sub-subparagraph f. or sub-subparagraph g. in tokenized 1062
form, provided that such reserves comply with all applicable 1063
laws and regulations. 1064
2. Publicly disclose the issuer's redemption policy, which 1065
must comply with all of the following requirements: 1066
a. Establish clear and conspicuous procedures for timely 1067
redemption of outstanding payment stablecoins. 1068
b. Publicly, clearly, and conspicuously disclose in plain 1069
language all fees associated with purchasing or redeeming the 1070
payment stablecoins, provided that such fees can be changed only 1071
upon not less than 7 days' prior notice to consumers. 1072
3. Publish on the issuer's website a monthly reserve 1073
composition of the issuer's reserve which must contain all of 1074
the following information: 1075

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a. The total number of outstanding payment stablecoins 1076
issued by the issuer. 1077
b. The amount and composition of the reserves described in 1078
subparagraph 1., including the average tenor and geographic 1079
location of custody of each category of reserve instruments. 1080
4. Comply with all federal prohibitions on the pledging, 1081
rehypothecating, or reusing reserve assets, either directly or 1082
indirectly, except for any of the following purposes: 1083
a. Satisfying margin obligations in connection with 1084
investments in permitted reserves under sub-subparagraph 1.d. or 1085
sub-subparagraph 1.e. 1086
b. Satisfying obligations associated with the use, 1087
receipt, or provision of standard custodial services. 1088
c. Creating liquidity to meet reasonable expectations of 1089
requests to redeem payment stablecoins, such that reserves in 1090
the form of United States Treasury bills may be sold as 1091
purchased securities for repurchase agreements with a maturity 1092
of 93 days or less, provided that either: 1093
(I) The repurchase agreements are cleared by a clearing 1094
agency registered with the Securities and Exchange Commission; 1095
or 1096
(II) The qualified payment stablecoin issuer receives 1097
prior approval from the office. 1098
5. Engage a registered public accounting firm to conduct a 1099
monthly examination of the previous month-end reserve report. 1100

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For purposes of this subparagraph, the term "registered public 1101
accounting firm" means a public accounting firm registered with 1102
the Public Company Accounting Oversight Board. 1103
6. Submit to the office each month a certification as to 1104
the accuracy of the month-end reserve report by the qualified 1105
payment stablecoin issuer's chief executive officer and chief 1106
financial officer. Whoever knowingly makes a false statement in 1107
writing with the intent to mislead a public servant in the 1108
performance of his or her official duty commits a misdemeanor of 1109
the second degree, punishable as provided in s. 775.082 or s. 1110
775.083. 1111
7. If the qualified payment stablecoin issuer has more 1112
than $50 billion in consolidated total outstanding issuance, 1113
prepare, in accordance with generally accepted accounting 1114
principles, an annual financial statement, which must include 1115
disclosure of any related party transactions, as defined by such 1116
generally accepted accounting principles. 1117
a. A registered public accounting firm must perform an 1118
audit of the annual financial statements. 1119
b. Each qualified payment stablecoin issuer required to 1120
prepare an audited annual financial statement must comply with 1121
all of the following requirements: 1122
(I) Make such audited financial statements publicly 1123
available on the website of the permitted payment stablecoin 1124
issuer. 1125

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(II) Submit such audited financial statements annually to 1126
the office. 1127
8. Comply with any federal regulations or rules prescribed 1128
by the commission relating to capital, liquidity, and risk 1129
management requirements. 1130
9. Engage only custodians or safekeepers that comply with 1131
s. 10 of the GENIUS Act, Pub. L. No. 119-27. 1132
10. Comply with any other federal requirements of s. 4(a) 1133
of the GENIUS Act, Pub. L. No. 119-27, and any implementing 1134
federal regulations. 1135
(b) A qualified payment stablecoin issuer may not engage 1136
in any of the following conduct: 1137
1. Except as may be authorized under federal law, tying 1138
arrangements that condition access to stablecoin services on the 1139
purchase of unrelated products or services from such qualified 1140
payment stablecoin issuer or an agreement not to obtain products 1141
or services from a competitor. 1142
2. Using deceptive names, which includes, but is not 1143
limited to, any of the following: 1144
a. Using any combination of terms relating to the United 1145
States Government, except abbreviations directly related to the 1146
currency to which a payment stablecoin is pegged, such as "USD." 1147
b. Marketing a payment stablecoin in such a way that a 1148
reasonable person would perceive the payment stablecoin to be 1149
legal tender, as described in 31 U.S.C. s. 5103, issued by the 1150

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United States, or guaranteed or approved by the United States 1151
Government. 1152
3. Paying the holder of any payment stablecoin any form of 1153
interest or yield solely in connection with holding, use, or 1154
retention of such payment stablecoin if such payment is 1155
prohibited under federal law. 1156
(7) CERTIFICATION.—The office's initial certification and 1157
annual recertification submission to the federal Stablecoin 1158
Certification Review Committee pursuant to s. 560.505 must 1159
include any relevant information related to the provisions of 1160
this chapter in the office's request for certification or 1161
recertification of the state regulatory regime of payment 1162
stablecoins. 1163
(8) RULEMAKING.—The commission may adopt rules to 1164
administer this section as required in s. 13 of the GENIUS Act, 1165
Pub. L. No. 119-27. The commission must also adopt rules 1166
relating to capital, liquidity, and risk management which are 1167
consistent with s. 4(a)(4) of the GENIUS Act, Pub. L. No. 119-1168
27. The commission may adopt rules establishing standards for 1169
the conduct, supervision, examination, and regulation of 1170
qualified payment stablecoin issuers, including requirements 1171
relating to reserves, customer-asset protection, reporting, and 1172
compliance in order to meet the minimum requirements established 1173
by the Stablecoin Certification Review Committee. 1174
Section 14. Except as otherwise expressly provided in this 1175

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act, this act shall take effect upon becoming a law. 1176