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’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.
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
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Sui price has been trading under significant selling pressure for quite some time, while bulls…
The Dogecoin (DOGE) price has been moving sideways in a relatively tight range after failing…
Uniswap price has come under renewed selling pressure after facing a sharp rejection from the…
XRP price has been facing increasing selling pressure, with market sentiment turning noticeably bearish in…
The Chainlink (LINK) price has finally broken out of the consolidation structure that had been…
Global oil giants Norway (the 12th-largest global oil producer) and the United Arab Emirates (UAE;…
