; and (B) an insured credit union, as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ). (10) Monetary value The term monetary value means a national currency or deposit (as defined under Section 3 of the Federal Deposit Insurance Act) denominated in a national currency. (11) National currency The term national currency means a Federal Reserve note, (as the term is used in the first undesignated paragraph of section 16 of the Federal Reserve Act ( 12 U.S.C. 411 )), money issued by a central bank, and money issued by an intergovernmental organization pursuant to an agreement by one or more governments. (12) Nonbank entity The term nonbank entity means a person that is not an insured depository institution or subsidiary of an insured depository institution. (13) Payment stablecoin The term payment stablecoin means a digital asset— (A) that is or is designed to be used as a means of payment or settlement; (B) the issuer of which— (i) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value; and (ii) represents will maintain or creates the reasonable expectation that it will maintain a stable value relative to the value of a fixed amount of monetary value; and (C) that is not— (i) a national currency; or (ii) a security issued by an investment company registered under section 8(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–8(a) ). (14) Permitted payment stablecoin issuer The term permitted payment stablecoin issuer means— (A) a subsidiary of an insured depository institution that has been approved to issue payment stablecoins under section 5; (B) a Federal qualified nonbank payment stablecoin issuer that has been approved to issue payment stablecoins under section 5