In any insolvency proceeding of an Alabama qualified payment stablecoin issuer, including any insolvency proceeding administered by the commission, the following shall apply: (1) The claim of a person holding any payment stablecoin issued by the Alabama qualified payment stablecoin issuer shall have priority, on a ratable basis with the claims of other persons holding the payment stablecoin, over the claims of the Alabama qualified payment stablecoin issuer and any other holder of claims against the Alabama qualified payment stablecoin issuer, with respect to required payment stablecoin reserves. (2) Notwithstanding any other provision of law, any person holding a payment stablecoin issued by the Alabama qualified payment stablecoin issuer shall be deemed to hold a claim. (3) The priority under subdivision (1) shall not apply to claims other than those arising directly from the holding of payment stablecoins.
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