Treasury allows banks to use stablecoins

National banks and federal savings associations in the US can now officially participate inblockchain networks and use relatedstablecoins for making payment transactions. The corresponding notice was published by the Office of the Comptroller of the Currency under the US Treasury Department.

“While the authorities in other countries are creatingsystems for making payments in real time, the USA relies on the innovation sector for such technologies. Some of these technologies are created and run by banking associations, while others are based on networks of independent verification nodes such as blockchains. ", - said the current controller of monetaryBrian Brooks' appeal, adding that the letter from his department is intended to bridge the gaps in the use of blockchains and stablecoins in banking.

Banks are allowed to validate, store and record payment transactions using their own nodes in blockchains.

“The bank can use stablecoins formaking payment transactions in the interests of its clients using networks of independent verification nodes, including the issuance of a stablecoin and its exchange for fiat currency ", - the message says.

The regulator states that this approach canincrease the efficiency and stability of payment activity, and also allow making payments in real time. He highlights the advantages of decentralized payment systems over traditional ones: they can be more stable and allow you to limit the possibilities for falsification or adding incorrect data by participating in the validation of many independent nodes.

“Banks should consider potential risks whenconduct of business on the blockchain, including operational risks, legal compliance and fraud. New technologies require sufficient skills to ensure that banks can handle these risks. ", - warns the regulator.

As the CEO of Circle, the company behindWith the release of the USDC stablecoin, Jeremy Aller, new clarifications suggest that banks may perceive public blockchains similar to SWIFT, ACH and FedWire, and stablecoins as electronic store of value.

“Huge win for cryptocurrencies and stablecoins. The significance of this announcement cannot be overstated,- he writes.

We are on track for all importanteconomic transactions were carried out on the blockchain. As a result, dollar-based digital currencies can be used as a mass means of payment for all forms of payments and settlements. Also, more financial institutions will be able to launch nodes in blockchains and even become validators. "

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