SB 1568 — Use of Digital Currency by the Department of Financial Services

Florida Senate - 2026 CS for CS for SB 1568 By the Appropriations Committee on Agriculture,Banking Environment, and GeneralInsurance; Government;

theand CommitteeSenator onDiCeglie Banking597-02501-26 and20261568c1 Insurance;A bill to be entitled An act relating to the Florida Stablecoin Pilot Program;

and Senator DiCeglie 601-02966-26 20261568c2 A bill to be entitled An act relating to the Florida Stablecoin Pilot Program;

Page 1 of 109 CODING:

Florida Senate - 2026 CS for CS for SB 1568 601-02966-26597-02501-26 20261568c220261568c1 authorizing the department to adopt rules;

Page 2 of 109 CODING:

Florida Senate - 2026 CS for CS for SB 1568 601-02966-26597-02501-26 20261568c220261568c1 (e) “Federal qualified payment stablecoin issuer” means any of the following:

(II) Represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value Page 3 of 109 CODING:

Florida Senate - 2026 CS for CS for SB 1568 601-02966-26597-02501-26 20261568c220261568c1 relative to the value of a fixed amount of monetary value.

(2) PROGRAM PARTICIPATION.— (a) The department may engage in oneany or more of the following Page 4 of 109 CODING:

Florida Senate - 2026 CS for CS for SB 1568 601-02966-26597-02501-26 20261568c220261568c1 following activities with any payment stablecoins that are designated by the department pursuant to paragraph (b) and that meet the requirements of this section:

Accept payment stablecoinsstablecoin for the payment of authorized fees as provided in paragraph (c).

Hold payment stablecoins.stablecoin.

If asuch payment stablecoin held by the department does not earn any interest or yields, the department may hold such payment stablecoin only in the amount that is estimated to be required to issue refunds, reimbursements, or other similar disbursements during a revolving 30-day period.

(b) The department may designate one or more payment stablecoins for the activities authorized in paragraph (a).

Be fully backed by reserve assets on a one-to-one basis limited to United States currency, demand deposits at insured depository institutions, United States Treasury bills having a remaining maturity of 9390 days or less, or reverse repurchase Pageagreements 5collateralized ofby 10such CODING:Treasury bills.

3.

Be redeemable at all times at a one-to-one ratio for United States dollars through the permitted payment stablecoin Page 5 of 9 CODING:

Florida Senate - 2026 CS for CS for SB 1568 601-02966-26597-02501-26 20261568c220261568c1 agreementsissuer collateralizedor byits suchagent. Treasury bills.

3.

Be redeemable at all times at a one-to-one ratio for United States dollars through the permitted payment stablecoin issuer or its agent.

Be issuedminted by a permitted payment stablecoin issuer.

If network fees or exchange platform fees are paid by the department, be subject to reasonable network fees or exchange platform fees, including, but not limited to,to purchasing, selling, transacting, converting, withdrawing, payment processing, or gas fees, which are consistent with industry standards.

Such fees must not exceed the fees that would be charged to the department if payment were accepted by similarcredit mediumscard ofor exchange.wire transfer.

(d) An applicant, a licensee, or other program participant may elect to voluntarily participate in the pilot program and remit payment stablecoins to a compatible digital wallet address designated by the department as a valid form of payment for any Page 6 of 109 CODING:

Florida Senate - 2026 CS for CS for SB 1568 601-02966-26597-02501-26 20261568c220261568c1 may elect to voluntarily participate in the pilot program and remit payment stablecoins to a compatible digital wallet address designated by the department as a valid form of payment for any fee authorized in paragraph (c).

(3) DEPARTMENT DUTIES.— (a) ToThe the extent the department decides to engage in any of the activities authorized under paragraph (2)(a), the department must comply with all of the following requirements,requirements: as applicable:

If the Federal Government has not approved any federal qualified payment stablecoin issuers, or if the Office of Financial Regulation has not approved any state qualified payment stablecoin issuers, the department may not designate a payment stablecoin for use in the pilot program pursuant to paragraph (2)(b) or engage in any of the activities authorized in paragraph (2)(a).

Within a reasonable time after receiving a payment stablecoin from any program participant, convert the payment Pagestablecoin 7into ofUnited 10States CODING:currency and credit the applicable account where the funds would be held in a qualified public depository in the same manner as a payment made by any other authorized means.

Words stricken are deletions;

words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1568 601-02966-26 20261568c2 stablecoin into United States currency and credit the applicable account where the funds would be held in a qualified public depository, unless an exception applies pursuant to s.

280.03, in the same manner as a payment made by any other authorized means.

4.(b) The department may conduct examinations, audits, or investigations of a permitted payment stablecoin issuer of a payment stablecoin designated for use in the pilot program to verify asset backing, redeemability, and adherence to consumer protection standards, including standards related to fraud Page 7 of 9 CODING:

Make the following information available to the public on the department’s website at least 15 days before the information, designation, or change of information becomes effective:

a.

The intended or actual start date of the pilot program.

b.

An explanation of how the pilot program operates and how to elect to participate in the pilot program.

c.