Florida Stablecoin Bill Clears Senate 37-0, Awaits Governor Ron DeSantis

Florida lawmakers have approved what could become the first comprehensive state-level framework for payment stablecoins in the United States, sending the legislation to Gov. Ron DeSantis for review after overwhelming bipartisan support in both chambers.

Florida Pushes Ahead With State Stablecoin Rules Tied to Federal GENIUS Act

The measure, CS/CS/HB 175, titled “Payment Stablecoin,” passed the Florida House on March 3 by a vote of 102-2 and cleared the Senate unanimously, 37-0, on March 5. The bill was ordered enrolled the same day and now awaits delivery to Gov. Ron DeSantis’ office, where it must be reviewed before he decides whether to sign it into law.

If enacted, the legislation would fold stablecoin oversight into Florida’s existing money services business laws under Chapter 560 of the Florida Statutes. Issuers operating in the state would be required to obtain licensing from the Florida Office of Financial Regulation and meet strict requirements governing reserves, transparency, and operational compliance.

At the heart of the framework is a requirement that payment stablecoins be backed one-to-one with high-quality liquid assets. Acceptable reserves include U.S. currency, insured deposits, short-term Treasury securities with maturities of 93 days or less, and government money market funds. Issuers must also disclose reserve composition monthly and have those reports verified by a certified public accountant.

The bill defines a “payment stablecoin” as a digital asset designed primarily for payments or settlement that must be redeemable at par value by the issuer. Importantly for the industry, qualifying stablecoins would not be treated as securities under Florida law, removing one potential regulatory headache for companies looking to operate in the state.

Licensing provisions would take effect Oct. 1, 2026. Issuers would need to submit applications demonstrating adequate reserves, redemption policies, and anti-money laundering (AML) programs. The Office of Financial Regulation would have 120 days to approve or reject applications, while certain federally approved issuers could qualify for exemptions.

The legislation also strengthens anti-money laundering rules by explicitly classifying stablecoins as monetary instruments under Florida law. Transactions exceeding $10,000 would trigger recordkeeping requirements, and issuers must maintain compliance programs aligned with federal standards under the GENIUS Act, which Congress enacted in July 2025.

Oversight responsibilities would largely fall to the Office of Financial Regulation, though larger issuers exceeding $10 billion in outstanding stablecoins could transition to federal supervision. The framework also directs Florida’s Financial Services Commission to adopt rules ensuring state requirements meet or exceed federal standards.

Consumer protections appear throughout the bill. Issuers would be prohibited from misleading marketing practices or unsafe operational activities, and redemption policies must clearly state how and when users can exchange stablecoins for dollars. Violations could trigger license revocation or criminal penalties.

While the bill is now on a glide path toward the governor’s desk, DeSantis has not formally endorsed it yet. A spokesperson explained to the news outlet Decrypt that the governor will review the final version once it arrives. Still, the outcome may not be much of a mystery given his consistent support for cryptocurrency initiatives and opposition to central bank digital currencies.

If enacted, the law could position Florida as one of the most prominent U.S. jurisdictions for stablecoin companies seeking regulatory clarity. Supporters believe it would also complement federal rules created under the GENIUS Act, while offering a state licensing pathway for smaller issuers that may not immediately pursue federal charters.

The move comes as states across the country experiment with digital asset policies, but Florida’s proposal goes further than most by establishing a full operational framework rather than limited pilot programs or task forces. In other words, the state isn’t merely talking about stablecoins—it’s writing the rulebook for the state.

FAQ 🔎

• What is Florida’s stablecoin bill?

Florida’s CS/CS/HB 175 creates the first comprehensive state regulatory framework for payment stablecoins in the United States.

• Does the bill require stablecoins to be fully backed?

Yes, issuers must maintain one-to-one reserves using high-quality liquid assets such as U.S. currency and short-term Treasury securities.

• When would Florida’s stablecoin rules take effect?

Most operational requirements begin Oct. 1, 2026, if the governor signs the bill into law.

• Why is the Florida stablecoin law significant?

It establishes a clear regulatory pathway for stablecoin issuers and could make Florida a major hub for digital asset innovation in the United States.