Florida's payment stablecoin regulatory rules take effect today

PANews reported on October 1 that the core provisions of Florida's payment stablecoin regulatory framework take effect on October 1, 2026. Under the state's Chapter 176 of 2026 Act, engaging in the business of a qualified payment stablecoin issuer in the state generally requires a license or meeting exemption conditions; qualified issuers must maintain at least 1:1 identifiable reserves, with eligible reserve assets including cash, funds in Federal Reserve accounts, eligible bank deposits, U.S. Treasury securities with remaining maturities of no more than 93 days, and eligible government money market funds, among others. Issuers must also publicly disclose redemption policies, disclose reserve composition monthly, undergo monthly examinations by certified public accountants, and have certifications by the CEO and CFO. If a state-level issuer's total payment stablecoin issuance reaches $10 billion, unless it obtains a federal exemption, it must transition to the corresponding federal regulatory framework within 360 days, or suspend new issuance until the scale falls back below the threshold.