Florida lawmakers have moved forward with new legislation that would introduce state-level oversight for stablecoins, signaling another step toward formal regulation of the fast-growing digital asset industry.
Key Takeaways
Florida lawmakers approved a bill that would require stablecoin issuers to obtain licenses from the state’s Office of Financial Regulation.
The proposal is designed to align state oversight with federal guidelines created under the GENIUS Act.
If signed by Ron DeSantis, Florida could become the first U.S. state to establish its own regulatory framework specifically for stablecoins.
The Florida Senate approved Senate Bill 314 in a vote on Friday. The bill would require stablecoin issuers operating in Florida to obtain a license from the Florida Office of Financial Regulation before offering their tokens to residents.
Florida Stablecoin Bill Seeks to Align With Federal Rules
Republican Senator Colleen Burton said the legislation is intended to bring Florida’s approach in line with emerging federal policies.
According to Burton, the bill combines state oversight with the framework outlined in the GENIUS Act, which aims to strengthen consumer protections and support financial stability within the stablecoin market.
The proposal now heads to Governor Ron DeSantis, who will decide whether to sign it into law.
If approved, Florida would become the first U.S. state to create a dedicated regulatory structure specifically targeting stablecoins.
DeSantis has previously positioned himself as supportive of the crypto sector. During his presidential campaign, he pledged to defend Bitcoin and other digital assets from overly restrictive regulations.
Florida also became the first state to ban the use of central bank digital currencies after DeSantis argued that government-issued digital money could threaten private cryptocurrencies and expand financial surveillance.
Stablecoins Become a Key Policy Focus
Stablecoins have increasingly drawn attention from policymakers in United States.
The sector gained renewed momentum last year when President Donald Trump signed the GENIUS Act, which established federal guidelines for issuing dollar-pegged tokens.
Under the law, banks and approved financial institutions can issue stablecoins as long as they maintain reserves in assets such as U.S. Treasury securities and publish monthly disclosures about those holdings.
Despite these developments, debate over how to regulate the broader digital asset industry continues. Another proposal in Congress, the Clarity Act, has highlighted tensions between crypto companies and traditional financial institutions.
Companies such as Coinbase have argued that stablecoin issuers should be allowed to offer rewards to users who hold their tokens. Banking groups, however, warn that such incentives could draw deposits away from traditional banks.
President Donald Trump also weighed in on the issue, saying banks should not interfere with the administration’s pro-crypto policy direction.
Asia Takes a Different Approach
Meanwhile, regulators across Asia are moving in different directions.
Japan introduced a legal framework for stablecoin issuance in 2023, while Hong Kong plans to begin licensing stablecoin issuers later this year.
China briefly explored allowing private companies to issue yuan-pegged tokens in 2025 but later paused those pilot programs.
Last year, the People’s Bank of China introduced a framework allowing commercial banks to pay interest on balances held in digital yuan wallets starting January 1, 2026.
Deputy governor Lu Lei said the change would move the e-CNY beyond its original role as a digital form of cash and integrate it into banks’ balance sheets.
Stablecoin Market Continues to Grow
The global stablecoin market has expanded rapidly. According to data compiled by Bloomberg and Artemis Analytics, stablecoin transaction volume reached $33 trillion in 2025, a 72% increase compared to the previous year.
USD Coin recorded the highest transaction volume at $18.3 trillion, while Tether processed $13.3 trillion. Despite that, Tether continues to lead the market by capitalization, with a value of about $187 billion.
