On June 26, Florida enacted HB 175, creating a licensing framework for payment stablecoin issuers under chapter 560. The law, now Ch. 2026-176, revises the Florida Control of Money Laundering in Money Services Business Act to include payment stablecoins among the instruments subject to anti-money-laundering recordkeeping and reporting requirements. It creates a new part of chapter 560 prohibiting a person from engaging in the activity of a qualified payment stablecoin issuer in the state unless the person is licensed or exempted from licensure, and it separately prohibits a trust company from engaging in that activity unless the trust company obtains a certificate of approval or qualifies for an exemption. The law also specifies that a payment stablecoin meeting the requirements of the new part is not a security and is not subject to state securities law, and provides that the Office of Financial Regulation remains solely responsible for supervising qualified payment stablecoin issuers, or jointly responsible with the federal OCC under certain circumstances.

On the same date, Florida also enacted SB 1568, establishing the Florida Stablecoin Pilot Program within the Department of Financial Services. The law, now Ch. 2026-175, authorizes the department to accept payment stablecoins as a voluntary, optional method of paying governmental fees, to designate one or more qualifying payment stablecoins for that purpose, and requires the department to convert any payment stablecoin it receives into U.S. currency within a reasonable time after receipt. The department may also conduct examinations, audits, and investigations of permitted payment stablecoin issuers, and must monitor and evaluate the pilot program, collecting data on transaction volume, cost savings, security incidents, regulatory compliance, and economic impacts, before submitting an annual report to the governor and the Legislature beginning Feb. 1, 2027.