The regulation on payment of stable currency in Florida, the United States, came into effect on October 1. It stipulates that trust companies in the state must obtain approval certificates to issue payment of stable currency and maintain at least 1:1 reserves. Assets are allowed to include cash, bank demand deposits, short-term U.S. treasury bond bonds and qualified government money market funds, and must disclose reserves on a monthly basis, accept accountant inspection and CEO/CFO certification. When the total issuance of stablecoins by state-level issuers reaches $10 billion, unless exempted by the federal government, they must transfer to the federal regulatory framework within 360 days or suspend new issuances until the scale drops below the threshold.
