According to Odaily, Florida's regulatory framework for payment stablecoins will officially take effect on October 1st. Under the new regulations, trust companies within Florida wishing to issue payment stablecoins must obtain approval from state authorities. Issuers are obligated to maintain a minimum 1:1 reserve of cash, short-term U.S. Treasury bonds, government MMFs, etc., and must disclose reserve details monthly, undergo accounting audits, and obtain executive certification. Notably, if the total issuance by an issuer under state government jurisdiction exceeds $10 billion, new issuance will be halted until it transitions to the federal regulatory framework within 360 days or falls below the cap. This measure is expected to further strengthen the link between stablecoin institutionalization at the local government level and federal regulations.
