According to CoinMeta, the payment stablecoin regulatory rules in Florida, USA, came into effect on October 1st. Eligible trust companies within the state that issue payment stablecoins are required to obtain an approval certificate. Compliant issuers must maintain a reserve ratio of at least 1:1, with allowed assets including cash, bank demand deposits, short-term U.S. Treasury bonds, and eligible government money market funds, among others. They are also required to disclose the composition of their reserves monthly, undergo auditor inspections, and obtain certification from CEO / CFO. Under the new regulations, if a state-level issuer's total issuance of payment stablecoins reaches $10 billion, they must either be transferred under the corresponding federal regulatory framework within 360 days or suspend new issuances until the volume falls below this threshold again, unless they receive a federal exemption.