The proposed bill establishes the Florida Stablecoin Pilot Program within the Department of Financial Services, aimed at allowing the acceptance of eligible payment stablecoins for various governmental fees. The bill defines key terms, including "compatible digital wallet address" and "eligible payment stablecoin," which must meet specific criteria such as being fully backed by reserve assets and redeemable for U.S. dollars. Participation in the pilot program is voluntary, and the department is authorized to provide a digital wallet address for transactions, convert stablecoins into U.S. currency, and ensure compliance with regulatory standards for stablecoin issuers.

Additionally, the bill mandates that the department monitor and evaluate the pilot program, collecting data on transaction volume and compliance, and submit an annual report to the Governor and Legislature starting February 1, 2027. The program is designed to be an optional payment method, not altering existing statutory obligations or licensing requirements. The department is also empowered to adopt rules for the implementation of this section, ensuring a structured approach to the integration of stablecoins in state financial transactions.