; or (B) a depository institution chartered by the Comptroller or a State bank supervisor that is authorized, or required to be authorized, to become a national payment stablecoin issuer by the Board to issue payment stablecoins, including a depository institution subsidiary of an insured depository institution or bank holding company. (15) State bank supervisor The term State bank supervisor has the meaning given that term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). (16) Subcustodian The term subcustodian means a person that maintains actual possession or control of the private keys relating to a payment stablecoin and has a contractual relationship with the custodian of record of the payment stablecoin. 3. General requirements for payment stablecoin issuers (a) Stablecoins generally (1) Issue A payment stablecoin may only be issued directly or indirectly in the United States by— (A) a non-depository trust company that has registered with the Board consistent with section 6 and for which the nominal value of all outstanding payment stablecoins does not exceed $10,000,000,000, as adjusted under subsection (b)