Subject to , as added by subsection (d), in any insolvency proceeding of a permitted payment stablecoin issuer under Federal or State law, including any proceeding under that title and any insolvency proceeding administered by a State payment stablecoin regulator with respect to a permitted payment stablecoin issuer—

((1)) the claim of a person holding payment stablecoins issued by the permitted payment stablecoin issuer shall have priority, on a ratable basis with the claims of other persons holding such payment stablecoins, over the claims of the permitted payment stablecoin issuer and any other holder of claims against the permitted payment stablecoin issuer, with respect to required payment stablecoin reserves;

((2)) notwithstanding any other provision of law, including the definition of “claim” under , any person holding a payment stablecoin issued by the permitted payment stablecoin issuer shall be deemed to hold a claim; and

((3)) the priority under paragraph (1) shall not apply to claims other than those arising directly from the holding of payment stablecoins.