; and (ii) the contract evidencing the obligation provides by express terms, and not by implication, for payment at an office of the depository institution located in any State; (B) any international banking facility deposit, including an international banking facility time deposit, as such term is from time to time defined by the Board of Governors of the Federal Reserve System in regulation D or any successor regulation issued by the Board of Governors of the Federal Reserve System; and (C) any liability of an insured depository institution that arises under an annuity contract, the income of which is tax deferred under section 72 of the Internal Revenue Code of 1986. . (5) Section 1(a) of the Federal Deposit Insurance Act ( 12 U.S.C. 1811(a) ) provides that the Federal Deposit Insurance Corporation was established for the purpose of insur[ing] … the deposits of all banks … which are entitled to the benefits of insurance under the Federal Deposit Insurance Act. 3. Regulation of stablecoins (a) Definitions Section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ) is amended— (1) in subsection (l)— (A) in paragraph (4), by striking and at the end; (B) by redesignating paragraph (5) as paragraph (6); and (C) by inserting after paragraph (4) the following: (5) stablecoins issued by such bank or savings association; and ; (2) by adding at the end the following: (aa) Definitions related to stablecoins (1) Stablecoin The term stablecoin means any cryptocurrency or other privately-issued digital financial instrument that— (A) is directly or indirectly distributed to investors, financial institutions, or the general public; (B) is— (i) denominated in United States dollars or pegged to the United States dollar; or (ii) denominated in or pegged to another national or state currency; and (C) is issued— (i) with a fixed nominal redemption value