A new interpretive letter from the Office of the Comptroller of the Currency paves the way for stablecoins and public blockchains to be fully integrated in the financial infrastructure.
Yesterday, the Office of the Comptroller of the Currency released Interpretive Letter 1174. The letter allows banks to participate as nodes in “independent node verification networks” (which you might better know as blockchain networks) as well as use stablecoins for payments settlement.
In this episode of The Breakdown, NLW looks at:
- Crypto Twitter’s response to the news
- A review of key passages from the letter
- The response of critics
- The implications for CBDCs and the geopolitical battle between the U.S. dollar and China’s emerging digital currency
Image credit: tampatra/iStock via Getty Images Plus