Florida has become the first US state to enact a broad regulatory framework for payment stablecoins. The legislation, awaiting Governor Ron DeSantis's signature, establishes a licensing system for stablecoin issuers and a pilot program to accept stablecoin payments for state services.
The new law aligns with federal standards, requiring issuers operating outside Florida to notify the state's Office of Financial Regulation. Oversight will be shared between state and federal bodies, with limitations placed on stablecoin issuers offering yield to holders, prohibiting interest payments if restricted by federal law.