The primary Federal payment stablecoin regulator depends on the issuer's form
What the document says“(A) with respect to a subsidiary of an insured depository institution (other than an insured credit union), the appropriate Federal banking agency of such insured depository institution; (B) with respect to an insured credit union or a subsidiary of an insured credit union, the National Credit Union Administration; (C) with respect to a State chartered depository institution not specified under subparagraph (A), the Corporation, the Comptroller, or the Board”
Paragraph (25). Which agency is the primary Federal payment stablecoin regulator depends on the form of the issuer. For a subsidiary of an insured depository institution other than a credit union it is that institution's appropriate Federal banking agency. For an insured credit union or its subsidiary it is the National Credit Union Administration. For a State chartered depository institution not covered by the first case it is the Federal Deposit Insurance Corporation, the Comptroller or the Federal Reserve Board. For a Federal qualified payment stablecoin issuer it is the Comptroller.
What the document actually says“(A) with respect to a subsidiary of an insured depository institution (other than an insured credit union), the appropriate Federal banking agency of such insured depository institution; (B) with respect to an insured credit union or a subsidiary of an insured credit union, the National Credit Union Administration; (C) with respect to a State chartered depository institution not specified under subparagraph (A), the Corporation, the Comptroller, or the Board”
Each kind of coin maker has its own federal watchdog. A bank arm keeps the bank's watchdog. A credit union has its own one. A state bank has one of three.
The law gives each body a short name. The Board is the Fed. The Corporation is the FDIC. The last one is an office in the Treasury.
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