Florida Senate Passes Stablecoin Bill 314, First Comprehensive State Framework in US

The Florida Senate unanimously passed Bill 314 on March 6, establishing a comprehensive regulatory framework for payment stablecoins and making Florida the first US state to advance such legislation, DefiLlama reports. The bill, awaiting Governor Ron DeSantis' signature, classifies stablecoins as non-securities while designating issuers as Money Services Businesses subject to state licensing, KYC requirements, real-time transaction records, reporting on transfers above $10,000 and suspicious activity to the Florida Office of Financial Regulation, 1:1 reserve backing, and transition to federal oversight once total valuation reaches $10 billion. The framework, modeled on the federal GENIUS Act with elements mirroring proposals in Texas and New York, prohibits interest payments to holders if barred by federal law; the stablecoin market has grown to $312.85 billion from $205 billion in January 2025, according to DefiLlama.