Florida Passes First-in-Nation Stablecoin Licensing Framework

The Florida Senate has recently passed a landmark bill requiring all institutions issuing stablecoins in the state to obtain a special license issued by the state government. This is the first regulatory framework in the United States led by a state-level legislative body to systematically regulate the issuance of stablecoins, marking a key step by state governments in the field of digital asset regulation.

According to the new bill, all companies intending to issue stablecoins in Florida must apply for and obtain a license from the State Office of Financial Regulation. The core objective of the bill is to enhance transparency and consumer protection, and its design references the federal Genius Act, emphasizing that stablecoins must be fully collateralized by high-quality assets denominated in U.S. dollars (such as U.S. Treasury bonds) and mandating monthly public disclosure of asset reserves.

The bill has now been submitted to Governor Ron DeSantis for signing. If approved, Florida will become the first state in the United States to establish an independent stablecoin regulatory system, potentially providing a replicable regulatory template for other states. This move also reflects the intense debate over digital asset regulation across the United States. Although the federal government has passed the Genius Act to set thresholds for stablecoin issuance, the Clarity Act, which is being considered by Congress, has sparked divisions between traditional banks and crypto companies. On the one hand, platforms such as Coinbase have launched plans to incentivize users to hold stablecoins; on the other hand, a large banking alliance has warned that such mechanisms may exacerbate deposit outflows and threaten the stability of the traditional financial system. Former President Trump recently publicly called for banks not to resist crypto-friendly policies, further fueling the regulatory controversy. Looking internationally, countries have taken different regulatory paths for stablecoins. Japan officially legislated the regulation of stablecoin issuance in 2023, and Hong Kong also plans to launch a related licensing mechanism this year, aimed at enhancing market confidence and investor protection. In contrast, China briefly piloted a digital RMB tokenization project last year but has suspended it and is instead exploring a digital RMB interest-bearing mechanism. Lu Lei, Deputy Governor of the People's Bank of China, stated that digital RMB accounts will be allowed to accrue interest from 2026 onwards to enhance their financial function beyond being a payment tool.