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 and all related activities shall take place within a wholly owned subsidiary of the depository institution, within the same holding company structure. Payment stablecoin assets may not be pledged, rehypothecated, or reused, except for the purpose of creating liquidity to meet reasonable expectations of requests to redeem payment stablecoins. The provisions of section 24(j) of the Federal Deposit Insurance Act ( 12 U.S.C. 18131a(j) ) shall apply to a subsidiary in the same manner as the depository institution. High-quality liquid assets that a bank is permitted to maintain under this section shall include the following: (1) United States coins and currency and any other instrument that is legal tender, as defined in section 5103 of title 31, United States Code. (2) Demand deposits at a depository institution, except that deposits in an insured depository institution shall not exceed the limit of deposit or share insurance available for that account, or shall be maintained in a special, custodial, or trust account or other off-balance sheet account held by the insured depository institution. (3) Balances held at a Federal Reserve bank, which may be held in a master account or segregated balance account. (4) Foreign withdrawable reserves, as defined in section 249.3 of title 12, Code of Federal Regulations, consistent with any foreign unit of account in which the payment stablecoin is denominated or pegged. (5) A security that is issued by, or unconditionally guaranteed as to the timely payment of principal and interest by, the Department of the Treasury, with an original maturity of 1 year or less. (6) A reserve repurchase agreement relating to a security described in paragraph (5). (7) Any other high-quality, liquid asset determined to be consistent with safe and