Payment Stablecoin

The definition of 'payment stablecoin' was broadened to include digital assets designed for payment or settlement that maintain a stable value, rather than being limited to specific reserve asset types.

A new registration system was created requiring issuers to apply for approval and receive notification from the Office of Financial Regulation before conducting business.

New prohibitions were added against deceptive naming practices, tying arrangements, and paying interest on stablecoins.

Exemptions were established for smaller issuers (under $10 billion in outstanding issuance) and certain trust companies, though they remain subject to core operational rules.

The bill now explicitly incorporates payment stablecoins into the Florida Control of Money Laundering in Money Services Business Act, requiring record-keeping and reporting for transactions over $10,000.

A transition mechanism was added requiring issuers exceeding $10 billion in outstanding issuance to either transition to federal joint supervision or cease new issuance within 360 days.