US Banks Allowed To Use Stablecoins


US Banks Allowed To Use Stablecoins

The Office of Currency Control issued an update to the rules for the operation of the American banking sector, which states that financial institutions with a federal license can participate in the work of independent nodes through which transactions are confirmed, as well as use stablecoins in payment services.

Some experts consider this document a landmark, since now American banks can use public blockchains, and not only build closed distributed ledgers.

In addition, the regulator's decision increases the demand for dollar stablecoins, thereby reducing the risks that may arise in connection with their large emission.

Prior to that, there were concerns about the regulatory risks associated with the operation of Tether. Although those risks have not completely disappeared, the document that has appeared makes it possible to say that they have significantly decreased.

Blockchain and its use in transactions are now viewed in the US at the same user level as the use of SWIFT international money transfers and the US FedWire fast transfer system.