Florida Passes First Comprehensive Stablecoin Regulatory Bill

The Florida Senate has recently passed a landmark stablecoin regulatory bill, marking a crucial step for U.S. states in the field of cryptocurrency regulation. The bill explicitly excludes stablecoins from the scope of securities, but due to their monetary attributes, their issuers are defined as Money Service Businesses (MSBs). They are required to apply for state-level operating licenses or relevant approval certificates in accordance with the law and strictly comply with Anti-Money Laundering (AML) regulations. According to the new rules, stablecoin issuers must implement strict KYC (Know Your Customer) procedures, record all transaction data in real-time, and their compliance requirements are on par with traditional banks. Any single transaction exceeding $10,000 must be reported to the state government; if a transaction has suspicious characteristics, it must be immediately reported to the Florida Office of Financial Regulation (OFR). In addition, all issuers must maintain a 1:1 full reserve, and once their total issuance reaches $10 billion, they will automatically transfer to the federal regulatory system. The bill also specifically states that if federal law prohibits the payment of interest, stablecoin issuers may not provide returns to holders. This clause returns the decision-making power to the U.S. Congress. Currently, the legality of stablecoin yields is still fiercely debated at the federal level, and the advancement of the CLARITY Act has been continuously delayed due to controversy. Data shows that the total market value of global stablecoins has now climbed to $312.85 billion, a significant increase from $205 billion in January 2025, reflecting the rapid increase in market demand for compliant stable assets.