Florida's Stablecoin Regulation Rules Effective October 1

The payment stablecoin regulation rules in Florida, USA, will be implemented starting October 1. The new regulations require eligible trust companies within the state to obtain a certification to issue payment stablecoins. Compliant issuers must maintain a reserve of at least 1:1, with permitted assets including cash, demand deposits at banks, short-term U.S. Treasury securities, and qualifying government money market funds. They are also required to disclose the composition of reserves monthly and undergo audits by accountants along with certification from the CEO/CFO. Furthermore, if the total issuance of payment stablecoins by state-level issuers reaches $10 billion, they must transition to the corresponding federal regulatory framework within 360 days unless granted a federal exemption, or suspend new issuances until the total falls below the threshold.

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