A customer's claim to stablecoins held in custody has priority
What the document says“With respect to payment stablecoins held by a person described in subsection (a) for a customer, with or without the segregation required under paragraph (1), the claims of the customer against such person with respect to such payment stablecoins shall have priority”
Subsection (c)(3). The customer's claim ranks ahead of the claims of any person other than another customer with respect to stablecoins held by the same custodian, unless the customer expressly consents to the priority of the other claim. The priority holds whether or not the segregation required by paragraph (1) was carried out.
What the document actually says“With respect to payment stablecoins held by a person described in subsection (a) for a customer, with or without the segregation required under paragraph (1), the claims of the customer against such person with respect to such payment stablecoins shall have priority”
A customer's claim on coins held for them comes first. This holds even if the firm failed to keep them apart.
Other customers of the same firm rank alongside. Everyone else ranks behind. A customer may agree to give up that place.
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