; (B) is synchronized between the nodes; (C) has data appended to the ledger by following the specified consensus mechanism of the ledger; (D) may be accessible to anyone or restricted to a subset of participants; and (E) may require participants to have authorization to perform certain actions or require no authorization. (6) Payment stablecoin The term payment stablecoin means a claim represented on a distributed ledger or a similar analogue that is— (A) redeemable, on demand, on a 1-to-1 basis for instruments denominated in United States dollars; (B) issued by a business entity; (C) accompanied by a statement from the issuer that the asset is redeemable, as specified in subparagraph (A), from the issuer or another identified person; (D) backed by 1 or more financial assets (excluding other crypto assets), consistent with subparagraph (A); and (E) intended to be used as a medium of exchange. (7) Security The term security has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ). (8) Smart contract The term smart contract — (A) means— (i) computer code deployed to a distributed ledger technology network that executes an instruction based on the occurrence or nonoccurrence of specified conditions; or (ii) any similar analogue