This bill amends Florida Statutes to establish a regulatory framework for recognized payment stablecoin issuers. It introduces new definitions in section 560.103, including "payment stablecoin" and "recognized payment stablecoin issuer." A payment stablecoin is defined as a stablecoin 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 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 not required to obtain separate licenses or registrations for issuing or redeeming payment stablecoins. It establishes penalties for misrepresentation as a recognized payment stablecoin issuer 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.