Use of Digital Currency by the Department of Financial Services

Florida fee payers gain stablecoin options

The law creates a voluntary stablecoin payment pilot at Florida’s Department of Financial Services, effective upon becoming law. The department cannot begin pilot activities until a qualified federal or state stablecoin issuer has been approved. Individuals and businesses can choose designated stablecoins for department fees when the department accepts them; traditional payment options remain available. Participants can also choose stablecoin refunds and similar payments, but must provide a compatible digital wallet address. Eligible coins must average at least $1 billion in market value over the previous 12 months. They must have full one-to-one reserve backing, remain redeemable dollar-for-dollar at all times, and come from permitted issuers. Reserves are limited to U.S. currency, insured-bank demand deposits, Treasury bills maturing within 93 days, or reverse repurchase agreements backed by those bills. The department must convert received coins into dollars within a reasonable time and credit the proper public account. It must protect public funds and minimize conversion costs; its network and exchange fees cannot exceed comparable payment-method fees. The department can audit or investigate issuers’ reserves, redemption, fraud prevention, and dispute handling, coordinating with Florida’s Office of Financial Regulation for state-qualified issuers. Existing fee amounts, licensing duties, and enforcement powers remain unchanged. Beginning February 1, 2027, annual reports to the Governor and legislative leaders must cover transactions, costs, security, fraud, compliance, economic effects, and recommendations to expand or end the pilot.