; and (B) issues a payment stablecoin in compliance with the requirements under section 4. (20) State payment stablecoin regulator The term State payment stablecoin regulator means a State agency that has primary regulatory and supervisory authority in such State over entities that issue payment stablecoins. (21) Subsidiary of an insured credit union With respect to an insured credit union, the term subsidiary of an insured credit union means— (A) an organization providing services to the insured credit union that are associated with the routine operations of credit unions, as described under section 107(7)(I) of the Federal Credit Union Act ( 12 U.S.C. 1757(7)(I) ); and (B) a credit union service organization, as such term is used under part 712 of title 12, Code of Federal Regulations, with respect to which the insured credit union has an ownership interest or to which the insured credit union has extended a loan. 3. Limitation on who may issue a payment stablecoin It shall be unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin for use by any person in the United States. 4. Requirements for issuing payment stablecoins (a) Standards for the issuance of payment stablecoins (1) In general Permitted payment stablecoin issuers shall— (A) maintain reserves backing the issuer’s payment stablecoins outstanding on an at least one to one basis, with reserves comprising— (i) United States coins and currency (including Federal reserve notes); (ii) funds held as insured demand deposits or insured shares at insured depository institutions, subject to limitations established by the Corporation and the National Credit Union Administration, respectively, to address safety and soundness risks of such insured depository institutions; (iii) Treasury bills with a maturity of 90 days or less; (iv) repurchase agreements with a maturity of 7 days or less that are backed by Treasury bills with a maturity of 90 days or less; or (v) central bank reserve deposits