Florida Payment Stablecoin Rules Mandate 1:1 Reserve Requirement for Eligible Trust Companies

The state of Florida has implemented new rules for payment stablecoin issuers operating within its borders. As of October 1st, eligible trust companies must obtain approval certificates and maintain reserves equal to at least the value of their outstanding tokens.

The framework applies to qualified payment stablecoin issuers in Florida, requiring them to disclose the composition of their reserves each month and undergo examinations by accountants. Issuers must also obtain certifications from their chief executive and chief financial officers.

Permitted reserve assets include cash, demand deposits at banks, short-term U.S. Treasury securities, and qualifying government money market funds. The rules set a $10 billion issuance threshold for state-level issuers, after which they must move into the applicable federal regulatory framework within 360 days or receive a federal exemption.