The Office of the Currency Auditor (OCC), announced this January 4, 2021 through Declaration NR 2021-2 that banks and savings banks with federal approval will be able to carry out operations with stablecoins and participate in so-called “independent node verification networks”. (INVN) for payment activities.
These new guidelines will enable banks in the US to use public blockchains for US dollar-backed stablecoins as settlement infrastructure within the US financial system. This statement highlights that banks You can use public blockchains as similar infrastructure like SWIFT, ACH and FedWire, as well as stable coins like TUSD or USDC as electronically stored value. Assistant Currency Auditor Brian P. Brooks stated:
“While governments in other countries have created real-time payment systems, the US has relied on our innovation industry to provide real-time payment technology. Some of these technologies are created and managed by banking consortia, while others are based on independent node verification networks such as blockchains. “
This is positive news for the stablecoin ecosystem after much speculation about possible regulations and reports from the BIS and other international organizations that have even highlighted their ban.
This is in line with what some authorities in the United States have announced that they are not interested in developing their own cryptocurrency, but rather using what is already there (e.g. stablecoins). This news suggests that the way to carry out major economic activities is undoubtedly based on blockchain. Stablecoins will certainly continue to increase their capitalization volume and help them serve as a basic means of payment for all forms of payment and accounting, which enables the expansion of applications and financial products based on blockchain.