US banks have the opportunity to issue stablecoins

The Office of the Comptroller of the Currency (OCC) under the US Treasury has allowed national banks to use public blockchains and stablecoins to settle on behalf of customers.

The OCC has authorized banks to launch public blockchain nodes, validate and conduct monetary transactions that comply with current laws. At the same time, banks were able to issue their own stablecoins.

Circle CEO Jeremy Allair noted that this equates public blockchains with SWIFT and FedWire.

As a reminder in 2020, OCC allowed banks to store stablecoin collateral, as well as crypto wallet keys on behalf of customers.

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