THELOGICALINDIAN - The OCC has accepted US banking institutions permission to assignment with stablecoins
The Office of the Comptroller of the Currency (OCC) has appear a letter advertence that U.S. banks are now accustomed to use stablecoins and serve as blockchain bulge operators.
Banks Can Run Stablecoin Nodes
According to the OCC’s announcement, “a civic coffer or federal accumulation affiliation may validate, store, and almanac payments transactions” by confined as a blockchain bulge operator.
Though the OCC itself describes the acceptable technology as an “independent bulge analysis network,” the appellation is almost alike with publicly-run blockchains such as Bitcoin and Ethereum. Those blockchains are acclimated to affirm affairs involving assertive stablecoins like Tether and USDC.
Brian P. Brooks, Acting Comptroller of the Currency, says that the letter removes any “any acknowledged ambiguity about the ascendancy of banks to affix to blockchains.” It additionally makes bright that banks can serve as nodes and transact on those networks. In effect, stablecoins can be acclimated abundant like SWIFT and added adjustment networks.
Good News for Crypto
Elsewhere, Jeremy Allaire, CEO of Circle, has accustomed the news. He declared on Twitter that the account is a “huge win for crypto and stablecoins,” including Circle’s own stablecoin, USDC.
The OCC ahead accustomed banks to authority stablecoin affluence in September. Today’s advertisement allows those institutions to booty a added alive role in acknowledging a blockchain network, and offers greater adeptness to use stablecoins in banking activity.
However, it seems that U.S. banks accept almost little adeptness to assignment with price-volatile cryptocurrencies such as Bitcoin itself.
