Florida Lawmakers Push Forward First State-Level Stablecoin Oversight Bill

Florida lawmakers have advanced legislation that would introduce state-level oversight for stablecoins, marking a step toward formal regulation of the rapidly growing digital asset sector.

Key Takeaways:

• Florida lawmakers approved a bill requiring stablecoin issuers to obtain licenses from the state’s Office of Financial Regulation.
• The proposal aims to align state oversight with federal rules established under the Genius Act.
• If signed by Governor Ron DeSantis, Florida would become the first US state with its own stablecoin regulatory framework.

The Florida Senate approved Senate Bill 314 in a vote on Friday. The legislation would require stablecoin issuers operating in the state to obtain a license from the Florida Office of Financial Regulation before offering their tokens to residents.

Florida Stablecoin Bill Aims to Align With Federal Genius Act

Republican Senator Colleen Burton said the bill is designed to align Florida’s approach with emerging federal rules.

According to Burton, the measure aims to combine state supervision with the framework outlined in the federal Genius Act, a law intended to strengthen consumer protections and reinforce financial stability in the stablecoin market.

The proposal now moves to Florida Governor Ron DeSantis, who must decide whether to sign it into law.

If enacted, Florida would become the first US state to introduce its own regulatory structure specifically targeting stablecoins.

DeSantis has previously positioned himself as supportive of the crypto sector. During his presidential campaign, the Republican governor pledged to defend Bitcoin and digital assets from restrictive regulation.

Florida also became the first state to ban the use of central bank digital currencies, or CBDCs, after DeSantis argued that government-issued digital money could threaten private cryptocurrencies and expand financial surveillance.

Stablecoins have increasingly become a focal point for policymakers in Washington and across the country.

The sector gained renewed attention last year after President Donald Trump signed the Genius Act, which established federal guidelines for issuing dollar-pegged tokens.

Under the law, banks and other approved entities may issue stablecoins if they maintain reserves in assets such as US Treasuries and publish monthly disclosures detailing those holdings.

Despite that progress, debate continues over how the broader digital asset industry should be regulated. Another proposal in Congress, the Clarity Act, has exposed tensions between crypto firms and traditional financial institutions.

Companies such as Coinbase have argued that issuers should be allowed to provide rewards to users who hold stablecoins. Banking groups, however, warn that such incentives could pull deposits away from traditional banks.

Trump recently weighed in on the debate, saying banks should not interfere with the administration’s pro-crypto policy direction.

Japan, Hong Kong Embrace Stablecoin Regulation as China Tightens Rules

Elsewhere in Asia, policymakers have taken a different path. Japan introduced a legal framework for stablecoin issuance in 2023, while Hong Kong plans to begin licensing stablecoin issuers this year.

China briefly explored allowing private firms to issue yuan-pegged tokens in 2025, but later halted pilot programs.

Last year, the People’s Bank of China unveiled a framework that will allow commercial banks to pay interest on balances held in digital yuan wallets starting January 1, 2026.

Lu Lei, a deputy governor at the PBOC, said the change would shift the e-CNY beyond its original role as a digital version of cash and integrate it into banks’ asset and liability operations.

Global stablecoin transaction value reached $33 trillion in 2025, marking a 72% increase from the previous year, according to Bloomberg data compiled by Artemis Analytics.

USDC emerged as the most-used stablecoin by transaction volume, processing $18.3 trillion, while Tether’s USDT handled $13.3 trillion, despite maintaining its lead by market capitalization at $187 billion.

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