The bill establishes the Florida Stablecoin Pilot Program within the Department of Financial Services, aimed at allowing the use of payment stablecoins for governmental fees. It outlines the legislative intent, definitions, and the activities the department may engage in, including accepting payment stablecoins, issuing refunds in stablecoins, and holding them for a limited time. The program is voluntary for participants, who must provide a compatible digital wallet address for transactions. The department is authorized to designate specific payment stablecoins that meet certain criteria, such as market capitalization and backing by reserve assets.

Additionally, the bill mandates the department to conduct examinations and audits of permitted payment stablecoin issuers and to coordinate with the Office of Financial Regulation. It requires the department to monitor the pilot program, collect data on its performance, and submit an annual report to the Governor and Legislature starting in 2027. The bill also clarifies that it does not alter existing statutory obligations or require the acceptance of other digital assets, and it allows the department to adopt rules for implementation.