The Florida Department of Financial Services has established a Florida Stablecoin Pilot Program within the agency. The program authorizes DFS to accept eligible payment stablecoins for licensing, application, renewal fees, and other regulatory fees. It also authorizes the designation of eligible payment stablecoins and compatible digital wallet addresses, with provisions for converting stablecoins to U.S. currency.
The framework provides eligibility requirements for payment stablecoins and empowers DFS to conduct examinations, audits, and investigations of stablecoin issuers. It requires ongoing monitoring and annual reporting to the Governor and Legislature, and it authorizes rulemaking to refine the program’s operations.
Conversion of stablecoins to U.S. currency is provided under the program, accompanied by ongoing examinations, audits, and investigations of stablecoin issuers. The arrangement includes monitoring and annual reporting to state leaders, along with rulemaking authority to adapt the framework over time.
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