The OCC has allowed national banks to participate in independent node verification networks and use stablecoins for payments. In an interpretive letter published this week, the OCC stated that banks and saving institutes can participate as nodes on a blockchain and store or validate payments.
“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,” Acting Comptroller of the Currency Brian P. Brooks said.
A stablecoin is a specifically designed cryptocurrency to minimize price volatility.
The letter opens a path for banks to use public b…