The bill amends Florida Statutes to establish a regulatory framework for recognized payment stablecoin issuers. It introduces new definitions related to digital assets, specifically defining "payment stablecoin" and "recognized payment stablecoin issuer." A payment stablecoin is characterized as being fully backed by specific reserve assets, redeemable at a 1-to-1 ratio for U.S. dollars, and not paying interest or dividends. The bill also creates a new section, 560.2053, which outlines the requirements for entities to qualify as recognized payment stablecoin issuers, including 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 exempt from obtaining separate licenses or registrations for issuing or redeeming payment stablecoins. It imposes penalties for misrepresentation as a recognized payment stablecoin issuer and grants the Office of Financial Regulation the authority to enforce compliance with these regulations. The act is set to take effect on July 1, 2026.