; and (B) the institution shall be eligible to receive all benefits and access to services associated with such account. (b) Requirement To maintain fixed value Any issuer of a stablecoin shall take all possible actions to ensure that, at no point over the life of the stablecoin, the redemption value of the stablecoin does not drop below the nominal redemption value of the stablecoin. (c) Ability To redeem stablecoins (1) In general Any issuer of stablecoins shall maintain the ability to immediately redeem all outstanding stablecoins at their nominal redemption value, upon demand, in United States dollars. (2) Requirement to maintain collateral for uninsured stablecoin amounts (A) In general Any issuer of stablecoins shall deposit reserves with the applicable Federal reserve bank in a segregated account in an amount equal to the nominal redemption value of all outstanding stablecoins issued by the issuer, and such reserves shall serve as collateral for such stablecoins. (B) Exception for insured deposits Subparagraph (A) shall not apply with respect to the value of any outstanding stablecoins that the issuer of the stablecoins knows are insured deposits. (3) Penalties If the issuer of a stablecoin fails to immediately redeem an outstanding stablecoin, upon demand, in United States dollars (or if the appropriate Federal banking agency determines that the issuer does not have the ability to immediately redeem all outstanding stablecoins, upon demand, in United States dollars) the appropriate Federal banking agency shall penalize the issuer, which may include— (A) the revocation of deposit insurance provided under this Act; (B) the revocation of the issuer’s membership in the Federal Reserve System; (C) the revocation of the issuer’s Federal charter