Florida’s payment stablecoin regulatory framework officially took effect on October 1, 2026, under Chapter 176 of the 2026 Act. The law requires qualified payment stablecoin issuers operating in the state to obtain a license or meet exemption conditions while maintaining identifiable reserves at a strict 1:1 ratio. Eligible reserve assets include cash, Federal Reserve account funds, bank deposits, U.S. Treasury securities with maturities under 93 days, and government money market funds. Issuers must publicly disclose redemption policies, report reserve composition monthly, and undergo monthly examinations by certified public accountants with certifications from both the CEO and CFO. Additionally, if a state-level issuer’s total payment stablecoin issuance reaches $10 billion, it must transition to the federal regulatory framework within 360 days unless exempted, or suspend new issuance until volume drops below the threshold.