coinpedia.org
-
Florida has become the first state in the US to pass a stablecoin regulation Bill via the Senate.
-
The Bill is now waiting to be signed off by the state’s Governor for it to be considered official legislation.
-
The development comes amid delays in implementing the CLARITY Act.
On March 6, the Florida Senate unanimously passed Bill 314, which details comprehensive regulations regarding payment stablecoins. The pro-crypto state is the first in the US to develop such a framework, which now awaits signing into law by Governor Ron DeSantis.
Florida Senate passes stablecoin legislation
Florida’s framework borrows greatly from the nation’s GENIUS Act to remain federally compliant.
The Bill clarifies that stablecoins are not securities, but that their monetary value makes their issuers Money Services Businesses. This part of the Bill is similar to the specifications made by Texas and New York regarding stablecoins.
Issuers are therefore required to obtain operational licenses, such as the state MSB license or certain certificates of approval, in line with anti-money laundering provisions.
Providers must also perform KYC (Know Your Client) checks and keep real-time records of all transactions, just like banks. Issuers should report transactions above $10,000 to the state and those attracting suspicion to the Florida Office of Financial Regulation (OFR). They should also maintain a 1:1 reserve and transition into federal oversight once their total valuation reaches $10 billion.
In matters of stablecoin yield farming, the legislation says stablecoin issuers must not pay interest to holders if prohibited by federal law. This throws the ball back again to the US Senate, a place where the subject has been greatly debated and remains undecided.
Delays in the CLARITY Act
Some crypto opinionists argue that the GENIUS Act only prohibits issuers from offering stablecoin interest, and not any other rewards. Banks face criticism from US President Donald Trump and his son Eric Trump for lobbing against stablecoin yields, fearing capital flight.
Meanwhile, Tether has now participated in a $7.5 million funding round to build APIs that enable USDT payments on the Bitcoin network. Also developing is $USDC, which is now the liquidity reserve for Cardano’s stablecoin USDCx.
The overall stablecoin market cap is now $312.85 billion, having risen from $205 billion in January of 2025.
Source: DefiLlama