supervisor, in consultation with the Board, a payment stablecoin issuer may conduct only the following activities: (1) Management of required payment stablecoin reserves under sections 6(f) and 7(e). (2) Custodial services. (3) Settlement and clearing. (4) Post-trade services. (5) Incidental activities relating to the issuance and redemption of payment stablecoins and management of required reserves. (i) Contracted services (1) In general Except as otherwise provided under paragraph (2), whenever a payment stablecoin issuer, or an affiliate thereof, relies on or causes to be performed for itself, by contract, any services or activities authorized under this Act or that are necessary to the functioning of the payment stablecoin, whether on or off its premises— (A) the person that performs such services or activities shall be subject to regulation and supervision by the Comptroller or State bank supervisor that supervises the payment stablecoin issuer, as applicable, and the Board, solely with respect to the limited scope of the performance of such services and activities