(a) No person may issue a payment stablecoin in the state, unless that person is a permitted payment stablecoin issuer. (b) Beginning on July 18, 2028, no digital asset service provider may offer or sell a payment stablecoin to a person in the state, unless the payment stablecoin is issued by a permitted payment stablecoin issuer. (c) This section shall not apply to the following transactions: (1) Any direct transfer of payment stablecoin between two individuals, each acting on his or her own behalf and for his or her own lawful purposes, without the involvement of an intermediary. (2) Any transaction involving the receipt of payment stablecoin by an individual between an account owned by the individual in the United States and an account owned by the individual abroad which are offered by the same parent company. (3) Any transaction by means of a software or hardware wallet which facilitates an individual’s own custody of payment stablecoin. (d) Notwithstanding any provision of this chapter to the contrary, any determination regarding banking activities shall be the sole authority of the Alabama State Banking Department pursuant to Title 5.
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