; or (2) affecting existing State laws governing interstate trust company business or permitting non-depository trust companies to conduct payment stablecoin activities on an interstate basis which are inconsistent with State laws governing interstate trust company business. (k) Planning for conversion Not later than 180 days after the date that the nominal value of all outstanding payment stablecoins issued by a non-depository trust company first exceeds $9,000,000,000, as adjusted under section 3(b), at the end of a business day, the non-depository trust company shall, in consultation with the applicable State bank supervisor, develop a plan for the conversion of the non-depository trust company into a depository institution under section 7, which may include capital planning, management planning, and third-party vendor management. (l) Existing non-Depository trust companies A non-depository trust company shall only conduct payment stablecoin activities specified under this Act within the trust company. 7. Issuance of payment stablecoins by depository institutions (a) In general (1) In general A depository institution may issue and redeem payment stablecoins and conduct other activities in accordance with this section and section 4(g). (2) Charter of depository institutions (A) In general An insured depository institution or bank holding company shall charter a separate depository institution to issue a payment stablecoin. (B) Threshold A payment stablecoin issuer with the nominal value of all outstanding units of the stablecoin which exceeds $10,000,000,000 (as adjusted under section 3(b)) shall be a depository institution under this section, but nothing shall be construed as prohibiting a payment stablecoin issuer with less than $10,000,000,000 of nominal value of outstanding payment stablecoins from obtaining a depository institution charter under this section. (b) Authorization To issue payment stablecoin (1) Application (A) Application to chartering authority A depository institution shall submit,