The House has approved a proposal by St. Petersburg Republican Sen. Nick DiCeglie that would allow certain state fees to be paid using stablecoins, sending the measure to the Governor’s office for consideration.
Lawmakers voted 108–3 in favor of SB 1568, which establishes a Florida Stablecoin Pilot Program within the Department of Financial Services (DFS) to test whether certain government payments can be processed using digital currencies designed to maintain a stable value.
Under the bill, applicants and licensees who interact with DFS could voluntarily pay certain licensing, registration, application and renewal fees using approved “payment stablecoins.”
The department would be responsible for designating which stablecoins qualify based on strict financial safeguards. Approved stablecoins must be fully backed by reserve assets valued at at least $1 billion.
This bill provides DFS with the authority to have a state-designated digital wallet to convert stablecoin payments to U.S. dollars, processing them like any other payment,” Spring Hill Republican Rep. Jeff Holcomb, who presented the bill, said. “The bill requires eligible stablecoins to be fully backed, redeemable for U.S. dollars, and to comply with federal financial regulations.”
Participants in the pilot program would have the option to submit payments to a state-designated digital wallet maintained by DFS. The department would then convert the digital assets into U.S. dollars and process the funds in the same manner as traditional payments.
The bill authorizes DFS to examine, audit and investigate permitted stablecoin issuers to ensure compliance with the program’s financial and security requirements. The department must also coordinate with the Office of Financial Regulation when oversight issues arise.
The legislation also directs DFS to monitor and evaluate the pilot program. Beginning in 2027, the department must submit an annual report to the Governor and Legislature recommending whether the state should expand, modify or discontinue the initiative.
The House approved SB 1568 without amendments, sending the measure to the Governor’s office for final approval. If signed by Gov. Ron DeSantis, the law would take effect July 1.
