Florida Stablecoin Pilot Program

The enrolled text provides that the pilot program would allow DFS to accept payment stablecoins for governmental fees through a voluntary program. The bill’s title describes authority for DFS to designate payment stablecoins, accept them, support participant wallet-address mechanics, conduct issuer examinations, monitor the pilot, submit annual reports, and adopt rules.

The program would not be a general authorization for every digital asset. The construction clause states that the section would authorize payment stablecoins as an optional payment method and would not require or authorize acceptance of any other digital asset. It also would not alter existing statutory fee obligations, licensing requirements, or DFS enforcement authority.

The bill defines a “payment stablecoin” as a digital asset designed for payment or settlement where the issuer is obligated to redeem, convert, or repurchase it for a fixed amount of monetary value, or represents that it will maintain a stable value relative to a fixed amount. The definition excludes national currency, deposits, and securities under listed federal and Florida securities-law definitions.

DFS could designate one or more payment stablecoins, but any stablecoin accepted, purchased, held, or disbursed under the program would need to meet specified criteria. Those criteria include an average market capitalization of at least $1 billion during the prior 12 months, one-to-one reserve backing using limited reserve assets, one-to-one redeemability for U.S. dollars, issuance by a permitted payment stablecoin issuer, and compliance with applicable federal or state law, including the federal GENIUS Act referenced in the bill.

The enrolled text would allow DFS to accept payment stablecoins for licensing, registration, certification, assessment, application, renewal, other regulatory fees administered by DFS, or other fees owed to DFS. Applicants, licensees, and other participants could voluntarily remit designated stablecoins to a DFS-compatible digital wallet address.

DFS would be required to ensure that any designated payment stablecoin issuer is a permitted payment stablecoin issuer. If no federal qualified payment stablecoin issuer and no state qualified payment stablecoin issuer has been approved, DFS could not engage in the pilot activities. After receiving a payment stablecoin, DFS would need to convert it to U.S. currency within a reasonable time and credit the applicable account in a qualified public depository, unless an exception applies.

DFS would be authorized to conduct examinations, audits, or investigations of a permitted payment stablecoin issuer whose stablecoin is designated for the pilot, including to verify asset backing, redeemability, and consumer-protection standards related to fraud prevention and dispute resolution. For state-qualified issuers, DFS would need to coordinate with the Florida Office of Financial Regulation to avoid duplicative regulatory efforts.

The reporting provisions would require DFS to monitor transaction volume, cost savings, security incidents, regulatory compliance, economic impacts, fraud, and disputes. Beginning February 1, 2027, DFS would submit an annual report to the Governor, Senate President, and House Speaker with collected data, findings, recommendations for expansion or termination, and proposed statutory changes if appropriate.

The official Senate bill history records Senate passage on March 6, 2026 by 34–0, House passage on March 11, 2026 by 108–3, and ordered-enrolled status on March 17, 2026. A DFS press release on March 11, 2026 described the measure as passed by both chambers and ready to be sent to the Governor for signature.