Committee advances DFS stablecoin pilot with sponsor amendments adding consumer and operational guardrails

The Appropriations Committee voted to report favorably CS for CS for SB 1568, a measure establishing a Florida Stablecoin pilot within the Department of Financial Services to accept approved stablecoins for certain state payments and to authorize DFS oversight of stablecoin issuers.

Sponsor Sen. DeSegli described the bill as a limited pilot to modernize payment options for government fees while preserving consumer protections and taxpayers’ safeguards. The bill would permit DFS to designate a state digital wallet and require eligible stablecoins to be fully backed and redeemable for U.S. dollars; DFS would also have authority to audit or examine stablecoin issuers to verify reserves and redeemability.

On the floor, the sponsor explained and the committee adopted an amendment (barcode 342188) that added several guardrails: network or exchange fees paid by DFS may not exceed fees that would be charged to the department for similar payment mediums; DFS may not designate a payment stablecoin if there are no federally or state-approved qualified payment stablecoin issuers; DFS must publish pilot start dates, requirements and selection procedures at least 15 days before effectiveness; and DFS may hold payment stablecoins in a custodial bank. The sponsor described remaining changes as technical.

Support from DFS leadership was recorded (Connor Blitch waved in support on behalf of the chief financial officer). The committee recorded the bill favorably after roll-call.