Yesterday, the U.S. Office of the Comptroller of the Currency (OCC), the Treasury’s banking regulator arm, issued an interpretive letter that says banks can participate in stablecoin networks by operating validator nodes and can process stablecoin based payments.
“The President’s Working Group on Financial Markets recently articulated a strong framework for ushering in an era of stablecoin-based financial infrastructure, identifying important risks while allowing those risks to be managed in a technology-agnostic way,” said Acting Comptroller of the Currency Brian P. Brooks. “Our letter removes any legal uncertainty about the authority of banks to connect to blockchains as validator nodes and thereby transact stablecoin payments on behalf of customers who are increasingly demanding the speed, efficiency, interoperability, and low cost associated with these products.”
Specifically, the letter says that banks can “validate, store, and record payments transactions by serving as a node” on a stablecoin network.
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