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  • The US Treasury OCC, which is the largest US banking regulator has created a new guidance to allow US banks to use public blockchains and stablecoins.
  • Banks can now treat public chains as infrastructures similar to SWIFT and stablecoins like electronic stored value.

The interpretive letter addresses national banks and talks about the use of stablecoins, stating that these financial institutions can store or validate payments. 

As discussed below, INVNs and related stablecoins represent new technological means ofcarrying out bank-permissible payment activities. We therefore conclude that a bank mayvalidate, store, and record payments transactions by serving as a node on an INVN.

The OCC has stated several times that banks can conduct permissible payment activities using new technologies. Using INVNs to facilitate transactions is a new means of transmitting payment instructions and validating payments. 

Like ESV, stablecoins can serve as electronic representations of those U.S. dollars.Instead of value being stored on an ESV card, the value is represented on the stablecoin. Thisdistinction is technological in nature and does not affect the permissibility of the underlyingactivity. Banks may use new technologies that afford a new means of carrying out permissible banking functions, such as providing payments services and facilitating payments