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CS/CS/HB 1415 2026
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to the use of digital currency by the 2
Department of Financial Services; creating s. 17.72, 3
F.S.; establishing the Florida Stablecoin Pilot 4
Program within the Department of Financial Services; 5
providing legislative intent; providing definitions; 6
authorizing the department to engage in certain 7
activities; authorizing the department to designate 8
one or more payment stablecoins for certain 9
activities; requiring that certain payment stablecoins 10
meet specified criteria; authorizing the department to 11
accept payment stablecoins; authorizing program 12
participants to elect to voluntarily participate in 13
the program and remit payment stablecoins to a 14
compatible digital wallet address; requiring certain 15
participants to provide the department with a 16
compatible digital wallet address; requiring the 17
department to comply with certain requirements; 18
requiring the department to provide a compatible 19
digital wallet address for a specified purpose; 20
authorizing the department to conduct examinations, 21
audits, and investigations of permitted payment 22
stablecoin issuers; requiring the department to 23
coordinate with the Office of Financial Regulation 24
under certain circumstances; requiring the department 25
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
to monitor and evaluate the pilot program and collect 26
certain data; requiring the department to submit an 27
annual report containing certain information to the 28
Governor and Legislature, beginning on a specified 29
date and annually thereafter; providing construction; 30
authorizing the department to adopt rules; providing 31
an effective date. 32
33
Be It Enacted by the Legislature of the State of Florida: 34
35
Section 1. Section 17.72, Florida Statutes, is created to 36
read: 37
17.72 Florida Stablecoin Pilot Program.—There is 38
established within the department the Florida Stablecoin Pilot 39
Program. It is the intent of the Legislature that the Florida 40
Stablecoin Pilot Program yield benefits from the acceptance of 41
payment stablecoins as a form of payment for governmental fees 42
through this voluntary pilot program. 43
(1) DEFINITIONS.—As used in this section, the term: 44
(a) "Blockchain" means a mathematically secured, 45
chronological, decentralized, distributed, and digital ledger or 46
database that consists of records of transactions that cannot be 47
altered retroactively. 48
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(b) "Compatible digital wallet address" means the address 49
of a software application that securely stores private keys for 50
accessing and completing transactions with payment stablecoins. 51
(c) "Digital asset" means any digital representation of 52
value that is recorded on a cryptographically secured digital 53
ledger. 54
(d) "Exchange platform" means a company licensed and 55
regulated by the Federal Government or a state government which 56
provides trading, custody, or money transmission services of 57
payment stablecoins or other digital assets. 58
(e) "Exchange platform fee" means a fee charged by an 59
exchange platform for the trading, custody, or money 60
transmission services of payment stablecoins or other digital 61
assets. 62
(f) "Federal qualified payment stablecoin issuer" means 63
any of the following: 64
1. A nonbank entity, other than a state qualified payment 65
stablecoin issuer, approved by the Office of the Comptroller of 66
the Currency to issue payment stablecoins. 67
2. An uninsured national bank that is chartered by the 68
Office of the Comptroller of the Currency pursuant to title LXII 69
of the Revised Statutes and is approved to issue payment 70
stablecoins. For purposes of this subparagraph, the term 71
"national bank" has the same meaning as in the GENIUS Act, Pub. 72
L. No. 119-27. 73
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3. A federal branch that is approved by the Office of the 74
Comptroller of the Currency to issue payment stablecoins. For 75
purposes of this subparagraph, the term "federal branch" has the 76
same meaning as in s. 3 of the Federal Deposit Insurance Act, 12 77
U.S.C. s. 1813. 78
(g) "Network fee" means the cost paid by a user to have a 79
transaction processed and confirmed on a blockchain network. 80
(h)1. "Payment stablecoin" means a digital asset that 81
meets all of the following requirements: 82
a. Is, or is designed to be, used as a means of payment or 83
settlement. 84
b. The issuer of which: 85
(I) Is obligated to convert, redeem, or repurchase the 86
digital asset for a fixed amount of monetary value, not 87
including a digital asset denominated in a fixed amount of 88
monetary value. 89
(II) Represents that such issuer will maintain, or create 90
the reasonable expectation that it will maintain, a stable value 91
relative to the value of a fixed amount of monetary value. 92
2. The term does not include a digital asset that is any 93
of the following: 94
a. A national currency as defined in the GENIUS Act, Pub. 95
L. No. 119-27. 96
b. A deposit as defined in section 3 of the Federal 97
Deposit Insurance Act, 12 U.S.C. s. 1813, including a deposit 98
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recorded using distributed ledger technology. For purposes of 99
this sub-subparagraph, the term "distributed ledger" has the 100
same meaning as in the GENIUS Act, Pub. L. No. 119-27. 101
c. A security as defined in s. 517.021, section 2 of the 102
Securities Act of 1933, 15 U.S.C. s. 77b, section 3 of the 103
Securities and Exchange Act of 1934, 15 U.S.C. s. 78c, or 104
section 2 of the Investment Company Act of 1940, 15 U.S.C. s. 105
80a-2. 106
(i) "Permitted payment stablecoin issuer" means a person 107
formed in the United States which is one of the following: 108
1. A subsidiary of an insured depository institution that 109
has been approved to issue payment stablecoins under the GENIUS 110
Act, Pub. L. No. 119-27. For purposes of this subparagraph, the 111
term "insured depository institution" has the same meaning as in 112
the GENIUS Act, Pub. L. No. 119-27. 113
2. A federal qualified payment stablecoin issuer. 114
3. A state qualified payment stablecoin issuer. 115
(j) "State payment stablecoin regulator" means the Office 116
of Financial Regulation. The term also includes a state agency 117
in another state that has primary regulatory and supervisory 118
authority in such state over entities that issue payment 119
stablecoins. 120
(k) "State qualified payment stablecoin issuer" means an 121
entity legally established under the laws of a state and 122
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
approved to issue payment stablecoins by a state payment 123
stablecoin regulator. 124
(2) PROGRAM PARTICIPATION.— 125
(a) The department may engage in any of the following 126
activities that meet the requirements of this section: 127
1. Accept payment stablecoin for the payment of authorized 128
fees as provided in paragraph (c). 129
2. Issue refunds, reimbursements, or other similar 130
disbursements in the form of payment stablecoins to any 131
participant who elects to receive a payment in such form. The 132
department may purchase payment stablecoins in an amount that is 133
necessary to support such activity. 134
3. Hold payment stablecoin. If such payment stablecoin 135
does not earn any interest or yields, the department may hold 136
payment stablecoin only in the amount that is estimated to be 137
required to issue refunds, reimbursements, or other similar 138
disbursements during a revolving 30-day period. Any direct or 139
indirect yields earned with respect to payment stablecoins shall 140
be credited to the benefit of the state. 141
(b) The department may designate one or more payment 142
stablecoins for activities authorized in paragraph (a). Any 143
payment stablecoin that is accepted, purchased, held, or 144
disbursed by the department pursuant to this section must meet 145
all of the following criteria: 146
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1. Have an average market capitalization of at least $1 147
billion during the preceding 12-month period. 148
2. Be fully backed by reserve assets on a one-to-one basis 149
limited to United States currency, demand deposits at insured 150
depository institutions, United States Treasury bills having a 151
remaining maturity of 93 days or less, or reverse repurchase 152
agreements collateralized by such treasury bills. 153
3. Be redeemable at all times at a one-to-one ratio for 154
United States dollars through the permitted payment stablecoin 155
issuer or its agent. 156
4. Be issued by a permitted payment stablecoin issuer. 157
5. Be purchased by the department directly from a 158
permitted payment stablecoin issuer through a blockchain network 159
or indirectly through an exchange platform, or received by the 160
department from a program participant. 161
6. Be subject, if network fees or exchange platform fees 162
are paid by the department, only to reasonable fees that do not 163
exceed the fees that would be charged to the department if 164
payment were accepted by similar mediums of exchange. 165
7. Except as otherwise provided in this section, be issued 166
by an issuer that meets any additional criteria for a permitted 167
payment stablecoin issuer under any applicable federal or state 168
law including, but not limited to, the GENIUS Act, Pub. L. No. 169
119-27. 170
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(c) The department may accept payment stablecoins as a 171
form of payment for fees that include, but are not limited to, 172
licensing fees, registration fees, certification fees, 173
assessment fees, application fees, renewal fees, other 174
regulatory fees administered by the department, or any other fee 175
owed to the department. 176
(d) An applicant, a licensee, or other program participant 177
may elect to voluntarily participate in the pilot program and 178
remit payment stablecoins to a compatible digital wallet address 179
designated by the department as a valid form of payment for any 180
fee authorized in paragraph (c). 181
(e) A participant that elects to receive from the 182
department a refund, reimbursement, or other similar 183
disbursement in the form of payment stablecoin must provide the 184
department with a compatible digital wallet address where such 185
payment may be sent. 186
(3) DEPARTMENT DUTIES.— 187
(a) The department must comply with all of the following 188
requirements: 189
1. Ensure that any payment stablecoin issuer designated 190
for use in the pilot program is a permitted payment stablecoin 191
issuer. If the Federal Government has not approved any federal 192
qualified payment stablecoin issuers and no state payment 193
stablecoin regulator has approved any state qualified payment 194
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stablecoin issuers, the department may not engage in any of the 195
activities authorized in subsection (2). 196
2. Provide a compatible digital wallet address to any 197
participant that elects to participate in the voluntary pilot 198
program for the payment of any fees authorized in paragraph 199
(2)(c) to be paid in the form of payment stablecoins. 200
3. Within a reasonable time after receiving a payment 201
stablecoin from any program participant, convert the payment 202
stablecoin into United States currency and credit the applicable 203
account where the funds would be held in a qualified public 204
depository, unless an exception applies pursuant to s. 280.03, 205
in the same manner as a payment made by any other authorized 206
means. The department must attempt to minimize the amount of 207
potential fees, if applicable, when determining the date and 208
time to convert the payment stablecoin. 209
(b) The department may conduct examinations, audits, or 210
investigations of a permitted payment stablecoin issuer of a 211
payment stablecoin designated for use in the pilot program to 212
verify asset backing, redeemability, and adherence to consumer 213
protection standards, including standards related to fraud 214
prevention and dispute resolution. To the extent that the 215
department intends to engage in such conduct as to a state 216
qualified payment stablecoin issuer, the department must 217
coordinate with the Office of Financial Regulation to avoid 218
duplicated efforts and to efficiently regulate such issuer. 219
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(4) REPORTING.— 220
(a) The department shall monitor and evaluate the pilot 221
program and collect data on transaction volume, cost savings, 222
security incidents, regulatory compliance, and economic impacts, 223
as well as any instances of fraud or disputes. 224
(b) Beginning February 1, 2027, and annually thereafter, 225
the department must submit a report to the Governor, the 226
President of the Senate, and the Speaker of the House of 227
Representatives which must include all of the following: 228
1. A summary of the data collected pursuant to paragraph 229
(a). 230
2. Any findings the department makes with respect to the 231
pilot program which include, but are not limited to, findings 232
regarding any trends or patterns relating to financial matters, 233
such as fiscal impacts, or nonfinancial matters, such as 234
utilization analysis. 235
3. Any recommendations for expansion or termination of the 236
pilot program. 237
4. Any proposed statutory changes, if appropriate. 238
(5) CONSTRUCTION.—This section: 239
(a) Does not alter or supersede any existing statutory fee 240
obligations, licensing requirements, or enforcement authority of 241
the department. 242
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(b) Authorizes the acceptance of payment stablecoins as an 243
optional payment method and does not require or authorize the 244
acceptance of any other digital asset. 245
(c) May not be construed to relieve the Chief Financial 246
Officer or the department of any obligation to secure public 247
funds, including any payment stablecoins, in a qualified public 248
depository unless an exemption applies pursuant to s. 280.03 or, 249
with respect to payment stablecoins, to hold such stablecoins in 250
a manner similar to how direct United States Treasury 251
obligations are held pursuant to s. 17.57(2)(a). 252
(d) Authorizes the department to give preference to, when 253
designating payment stablecoins for use in the pilot program 254
pursuant to paragraph (2)(b), state qualified payment stablecoin 255
issuers approved by the Office of Financial Regulation. 256
(6) RULEMAKING.—The department may adopt rules to 257
implement this section. 258
Section 2. This act shall take effect upon becoming a law. 259