Florida requires stablecoin issuers to get approval and hold reserves

A person operating as a qualified payment stablecoin issuer in Florida must get a license or be exempt from licensing. This applies to qualified payment stablecoin issuers operating in Florida, including trust companies seeking approval. Federally approved issuers and qualifying issuers approved by another state are exempt. An out-of-state issuer must notify Florida within 30 days after starting activity that makes Florida a host state. Trust companies need a certificate of approval unless exempt. The licensing rules and exemptions take effect October 1, 2026.

Qualified issuers must back stablecoins with reserves and publish information about redemption, fees, and reserves. These requirements apply to qualified payment stablecoin issuers. Reserves must be at least equal to the value of outstanding stablecoins and consist of permitted assets. Issuers must give at least seven days’ notice before changing purchase or redemption fees. Issuers with more than $50 billion in outstanding stablecoins must also prepare audited annual financial statements. These requirements take effect October 1, 2026. Reserve reports and issuer certifications are due monthly.

An issuer that reaches $10 billion in outstanding stablecoins must notify Florida and either move to federal oversight or stop issuing new stablecoins. This applies to a qualified payment stablecoin issuer whose total outstanding stablecoin issuance reaches $10 billion. The transition-or-stop requirement does not apply if the issuer obtains a federal waiver. An issuer choosing to transition must do so within 360 days after reaching the threshold. Otherwise, it must stop issuing until its outstanding amount falls below $10 billion. These rules take effect October 1, 2026. The notice is due within seven business days after reaching the threshold.

Qualified issuers must follow applicable federal anti-money-laundering rules and certify their compliance programs to Florida. This applies to qualified payment stablecoin issuers licensed or approved under the relevant Florida provisions. The certification must cover programs designed to prevent money laundering, including laundering for cartels and designated foreign terrorist organizations. Florida may revoke an issuer’s license or certificate for failing to submit the certification, and may refer suspected knowing violations to state or federal authorities. The first certification is due within 180 days after license or certificate approval, with another due each year after that.

Qualified issuers may only carry out listed stablecoin-related activities and face limits on certain sales practices and claims. These limits apply to qualified issuers that hold a Florida certificate of approval. Permitted activities include issuing and redeeming stablecoins, managing reserves, and activities that directly support those tasks. The limits bar tying stablecoin access to unrelated purchases or agreements not to use a competitor, using names or marketing that falsely suggest government backing, and paying holders interest or yield when federal law prohibits it. These limits take effect October 1, 2026.