THELOGICALINDIAN - The US Office of the Comptroller of the Currency OCC on Monday appear a letter allegorical that civic banks and federal accumulation associations can now authority affluence for stablecoin issuers in the country
According to the OCC’s interpretive letter, assets accounts can either be adjourned through deposits from stablecoin issuers or deposits from alone stablecoin holders.
It fatigued that banks can authority such affluence provided that ”the issuer has acceptable assets abetment the stablecoin in situations area there is a hosted wallet.” The letter responds to questions apropos the appliance of stablecoin-related coffer activities. It says:
Stablecoins are cryptocurrencies underpinned by addition asset such as a article or authorization bill like the U.S. dollar. They are advised to abbreviate the appulse of amount volatility. Tether (USDT) is the best broadly acclimated stablecoin worldwide. Others accommodate USD Coin and DAI.
In a statement, Acting Comptroller of the Currency Brian Brooks acclaimed that federally accountant banks are “currently affianced in stablecoin accompanying activities involving billions of dollars anniversary day.”
“This assessment provides greater authoritative authoritativeness for banks aural the federal cyberbanking arrangement to accommodate those applicant casework in a safe and complete manner,” he stated.
Jeremy Allaire, arch controlling administrator of Circle, issuers of the USDC stablecoin, said the new OCC advice represents cogent advance for the advance of agenda dollar stablecoins in the U.S. banking system.
“With this clarity…fintech firms and banks can accept added aplomb in architecture on this innovation, while additionally ensuring that the guardrails and accident administration accepted from the U.S. cyberbanking arrangement can be activated to this new age of internet money,” he said in a account aggregate with news.Bitcoin.com.
The OCC afresh accustomed federally accountant banks to authority aegis of crypto assets.
What do you anticipate about the OCC’s new advice on stablecoin reserves? Share your thoughts in the comments area below.
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