This bill amends Florida Statutes to establish a regulatory framework for issuers of digital assets, specifically focusing on recognized payment stablecoin issuers. It introduces new definitions in section 560.103, including "payment stablecoin," which is defined as a stablecoin fully backed by specific reserve assets and redeemable at a 1-to-1 ratio for U.S. dollars. The bill also creates section 560.2053, outlining the requirements for a person to qualify as a recognized payment stablecoin issuer, which includes maintaining adequate reserve assets, redeeming stablecoins at par value, and prohibiting the lending or encumbrance of reserve assets.

Additionally, the bill stipulates that recognized payment stablecoin issuers are not required to obtain separate licenses or registrations for issuing or redeeming payment stablecoins. It establishes penalties for those who misrepresent themselves as recognized payment stablecoin issuers and grants the Office of Financial Regulation jurisdiction to enforce compliance with these provisions. The act is set to take effect on July 1, 2026.