Florida enforces payment stablecoin rules with 1:1 reserves and $10B issuance cap

Payment stablecoin oversight rules in the U.S. state of Florida took full effect today, according to Odaily. Under the new rules, trust companies in Florida must obtain state approval to issue payment stablecoins. Issuers are required to maintain reserves of at least one-to-one in cash, short-term U.S. Treasuries, government money market funds and similar assets, while also disclosing reserve details monthly and undergoing accounting audits and executive certification. In particular, if a state-supervised issuer’s total outstanding issuance exceeds $10 billion, new issuance must be halted unless the issuer moves into a federal regulatory framework within 360 days or falls back below the cap. The move is expected to strengthen the link between state-level efforts to establish a legal framework for stablecoins and federal regulation.