; 113 Stat. 1470) is amended by adding at the end the following: 722A. Issuance of payment stablecoins (a) Prohibitions (1) In general It shall be unlawful for any person other than a depository institution in accordance with this section, or subsidiary thereof, to issue a payment stablecoin. (2) Knowing participation Whoever knowingly participates in a violation of this section shall be fined not more than $1,000,000, imprisoned for not more than 5 years, or both. (3) Offer or sale It shall be unlawful for any person to offer or sell a payment stablecoin through the use of any medium or by any means of access in interstate commerce in the United States or to offer or sell a payment stablecoin to a United States person unless such payment stablecoin is issued by a depository institution under this section, except as otherwise provided by the Board of Governors of the Federal Reserve System. (4) Extraterritorial effect This subsection is intended to have extraterritorial effect. (5) Civil action The Board of Governors of the Federal Reserve System may bring an action in the appropriate district court of the United States or the court of any territory of the United States for the enforcement of this section and such courts shall have jurisdiction and power to order and require compliance herewith, including through injunctive relief. (b) Activities A depository institution may issue, redeem, and conduct all incidental activities relating to payment stablecoins in accordance with this section. (c) Required payment stablecoin assets A depository institution, or a subsidiary thereof, shall maintain high-quality liquid assets under this section equal to not less than 100 percent of the face amount of the liabilities of the institution on payment stablecoins issued by the institution. In the case of a depository institution described in subsection (n)(1)(A) that engages in the business of banking other than the issuance of a payment stablecoin and related activities under this section, issuance of the payment stablecoin