phynics's page

I also probably wouldn't bother with the extra 7000gp to prevent 2 bleed damage per turn, you'll like get more life-saving capability from another +1 or from light fortification armour (and won't have to worry about this headache of a rule).

My concern is bleeding out under 0hp. The bleed damage becomes a serious threat after going unconscious.

While I was planning equipment purchases for my Holy Vindicator, I came upon this exact question. Three interpretations so far:
1- Stanching armor is excluded under "curative magic" and does not function.
2- Stigmata functions only if the bleed amount is greater than the stanching.
3- Stanching armor doesn't actually stop bleed, thus does not prevent Stigmata from functioning while suppressing bleed.

I lean towards the second interpretation, though I would love more opinions.