a payment stablecoin issuer that is not subject to section (a) without the approval of the Board and the Comptroller or State bank supervisor, as applicable. (2) Rules The Board, in consultation with the Comptroller and State bank supervisors, shall adopt rules to implement paragraph (1) that, consistent with this section, shall be as close as practicable to the process used by an appropriate Federal banking agency (as defined in section 3(q) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(q) )) in evaluating and approving a change of control of an insured depository institution under section 7(j) of such Act ( 12 U.S.C. 1817(j) ). (3) Scope of rules Criteria for approval under the rules adopted pursuant to paragraph (2) shall be exclusively limited to the safety and soundness of the depository institution that issues a payment stablecoin. 6. Issuance of payment stablecoins by non-depository trust companies (a) In general (1) In general A non-depository trust company may issue and redeem payment stablecoins and conduct other activities in accordance with this section and section 4(g) if the value of all outstanding payment stablecoins in total does not exceed $10,000,000,000, as adjusted under section 3(b). (2) Issuance threshold exceeded If a non-depository trust company exceeds the threshold described in paragraph (1), the non-depository trust company shall, not later than 180 days after exceeding the threshold— (A) consistent with subsection (k), file a completed application with the Comptroller or State bank supervisor, as applicable, to convert to a depository institution charter under section 7 and be approved as provided in that section