Florida Enacts Payment Stablecoin Rules Requiring 1:1 Reserves and Monthly Disclosures

Florida’s payment stablecoin regulatory rules took effect on October 1. According to Odaily, qualified trust companies issuing payment stablecoins in the state must generally obtain a certificate of approval, maintain at least 1:1 reserves, and disclose reserve composition monthly.According to Odaily, permitted reserve assets include cash, demand deposits at banks, short-term U.S. Treasurys, and eligible government money market funds. Issuers must also undergo accountant inspections and provide CEO and CFO certifications. If a state issuer’s total payment stablecoin issuance reaches $10 billion, it must move into the relevant federal regulatory framework within 360 days unless it receives a federal exemption, or stop issuing new stablecoins until the amount falls back below the threshold.