A stablecoin issuer that safeguards, stores, holds or maintains custody of approved stablecoins with a third-party custodian, must establish and maintain a system for assessing the appropriateness of its selection of the custodian and assess the continued appointment of that custodian periodically as often as is reasonable. The licensee must make and retain a record of the grounds on which it satisfies itself as to the appropriateness of its selection or, following a periodic assessment, continued appropriateness of the approved stablecoin custodian.