The bill establishes the Florida Stablecoin Pilot Program within the Department of Financial Services, aimed at exploring the feasibility and benefits of using eligible payment stablecoins for various governmental fees. It defines key terms such as "eligible payment stablecoin," which must be fully backed by at least $1 billion in reserve assets and redeemable for U.S. dollars without fees for minting or withdrawal. The program allows the department to accept these stablecoins for licensing and regulatory fees, and it mandates the creation of compatible digital wallet addresses for transactions. Participation in the pilot program is voluntary for applicants and licensees.

Additionally, the bill outlines the department's authority to conduct examinations and audits of stablecoin issuers to ensure compliance with consumer protection standards. It requires the department to monitor the program's performance and report findings to the Governor and Legislature annually, starting February 1, 2027. The bill clarifies that the acceptance of stablecoins does not change existing statutory obligations or licensing requirements and allows the department to adopt rules for implementation.