This bill amends Florida Statutes to establish a regulatory framework for recognized payment stablecoin issuers. It introduces new definitions in section 560.103, including the term "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 entities to qualify as recognized payment stablecoin issuers. These requirements include maintaining adequate reserve assets, redeeming stablecoins at par value, prohibiting the lending or encumbrance of reserve assets, and publicly disclosing the composition and value of these assets monthly.

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 entities that misrepresent themselves as recognized issuers and grants the Office of Financial Regulation the authority to enforce compliance with these provisions. The act is set to take effect on July 1, 2026.