A foreign payment stablecoin issuer is one organized abroad and not permitted here
What the document says“means an issuer of a payment stablecoin that is-- (A) organized under the laws of or domiciled in a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands; and (B) not a permitted payment stablecoin issuer.”
Paragraph (12). The term catches an issuer organized under the laws of, or domiciled in, a foreign country or one of the named territories, that is not a permitted payment stablecoin issuer. Section 18 sets out when the prohibitions in section 3 do not apply to such an issuer.
What the document actually says“means an issuer of a payment stablecoin that is-- (A) organized under the laws of or domiciled in a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands; and (B) not a permitted payment stablecoin issuer.”
This is a coin maker set up outside the states. It can be in another country. It can also be in a U.S. island area. And it has no clearance here.
Puerto Rico, Guam, American Samoa and the Virgin Islands are named. Section 18 says when such a maker may still sell here.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.