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, separately or as part of a charter application, to the Comptroller or a State bank supervisor, as applicable, an application for authorization to issue payment stablecoins. (B) Application to Board as national payment stablecoin issuer At the same time as the filing of an application under paragraph (1), a depository institution shall submit to the Board an application for authorization as a national payment stablecoin issuer. (2) Standards for approval The following exclusive set of standards shall govern the decision of the Comptroller or State bank supervisor, as applicable, with respect to an application under paragraph (1): (A) The ability of the applicant to maintain required reserves backing the payment stablecoins required under this section. (B) The financial resources, managerial or technical expertise, and governance of the applicant, including risk management and compliance. (C) The benefit to the public, including relating to innovation and competition. (D) The stability of the financial system of the United States. (3) Application contents (A) Rules required Not later than 180 days after the date of enactment of this Act, the Board, in consultation with the Comptroller and State bank supervisors, shall issue rules describing the content, documents, and materials required to be submitted to the Board that constitute a complete application, which shall include— (i) a tailored recovery and resolution plan, consistent with the standards adopted under subsection (h)(1)(E), that would permit the orderly resumption of a safe and sound operation or the orderly wind-down of operations in the event of distress, including the redemption of all outstanding payment stablecoins