In accordance with otherwise applicable law, an insolvency proceeding with respect to a permitted payment stablecoin issuer shall occur as follows:

((1)) A depository institution (as defined in ) shall be resolved by the Federal Deposit Insurance Corporation, National Credit Union Administration, or State payment stablecoin regulator, as applicable.

((2)) A subsidiary of a depository institution (as defined in ) or a nonbank entity may be considered a debtor under title 11.