Florida Leads the Way in Stablecoin Regulation, Pioneering US State-Level Oversight

On March 6, 2026, the Florida State Senate unanimously passed Senate Bill 314 with a vote of 37-0, making Florida the first state in the United States to establish a comprehensive regulatory framework for payment stablecoins. The bill is currently awaiting Governor Ron DeSantis' signature to become law.

The bill, implemented in conjunction with House Bill 175, sets clear requirements for payment stablecoin issuers operating in Florida: reclassifying them as financial service businesses and incorporating them into the existing Anti-Money Laundering (AML) and Know Your Customer (KYC) regulatory system, and mandating the reporting of single transactions exceeding $10,000. The regulatory responsibility is borne by the Florida Office of Financial Regulation, while larger issuers are subject to joint supervision by the federal Office of the Comptroller of the Currency (OCC), forming a tiered regulatory mechanism based on business size.

Notably, the bill explicitly prohibits issuers from paying interest to stablecoin holders if such action violates federal law. This clause reflects the current federal-level debate regarding stablecoin yield rights – banking lobby groups are attempting to limit such yields to protect traditional deposit spreads. Florida has not taken a position on this issue, but has chosen to respect the final ruling of future federal law, leaving the yield issue unresolved. At the same time, Senate Bill 1568 promotes the establishment of a Florida stablecoin pilot program, authorizing the state government to accept approved stablecoins for the payment of taxes and administrative fees. This initiative marks the first time that stablecoins have been upgraded from private payment tools to formal payment media in the government's fiscal system, marking an unprecedented step by US states in the path of legal tender digitization.