US Banks Can Hold Reserves for Stablecoins: Treasury Office

[MRM]

The US Office of the Comptroller of the Currency (OCC) has given the green light for national banks and federal savings associations to hold reserves for stablecoin issuers. The Office of the Comptroller of the Currency (OCC), part of the US Department of the Treasury, today publicly confirmed that national banks and federal savings associations can hold reserves for stablecoin issuers.

The OCC's interpretive letter was meant to reassure stablecoin issuers and their customers alike that the common practice of putting reserve funds into national banks (i.e., federally chartered commercial banks) can continue, provided those "coins are in hosted wallets." The OCC is charged with issuing bank charters and regulating banks' activities.
Source: https://decrypt.co/42490/us-banks-can-hold-reserves-for-stablecoins-treasury-office