(a)Except as provided in Section 3603, a covered person shall not exchange, transfer, or store a digital financial asset or engage in digital financial asset administration, whether directly or through an agreement with a digital financial asset control services vendor, if that digital financial asset is a stablecoin unless both of the following are true:
(1)The issuer of the stablecoin is an applicant, is licensed pursuant to this division, or is a bank, a trust company licensed
pursuant to Section 1042, or a national association authorized under federal law to engage in a trust banking business.
(2)The issuer of the stablecoin at all times owns eligible securities having an aggregate market value computed in accordance with United States generally accepted accounting principle
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(a)
Except as provided in Section 3603, a covered person shall not exchange, transfer, or store a digital financial asset or engage in digital financial asset administration, whether directly or through an agreement with a digital financial asset control services vendor, if that digital financial asset is a stablecoin unless both of the following are true:
(1)
The issuer of the stablecoin is an applicant, is licensed pursuant to this division, or is a bank, a trust company licensed
pursuant to Section 1042, or a national association authorized under federal law to engage in a trust banking business.
(2)
The issuer of the stablecoin at all times owns eligible securities having an aggregate market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding stablecoins issued or sold.
(b)
For purposes of this chapter:
(1)
“Eligible securities” means the United States currency eligible securities described in subdivision (b) of Section
2082 or foreign currency eligible securities described in subdivision (c) of Section 2082 as required by the laws or regulations of other jurisdictions.
(2)
“Nominal redemption value” means the value at which a digital financial asset can be readily converted, on demand at the time of issuance, into United States dollars or any other national or state currency or a monetary equivalent or otherwise accepted in payment or to satisfy debts denominated in United States dollars or any national or state currency.
(3)
“Stablecoin” means a digital financial asset that is pegged to the United States dollar or another national currency and is marketed in a manner that intends to establish a reasonable expectation or belief among the general public that the instrument
will retain a nominal value that is so stable as to render the nominal value effectively fixed.